The Immiseration of Wealth

Peter Bergen: When I see elite overproduction, what comes to mind for me is you have a lot of people getting college degrees and then not enough spots for them. He says the wealth that's been produced in the US over the last several decades seems to have collected in the hands of the top 10th of 1% top 1% and to a lesser extent the top 10%. And the average American has seen barely anything over that period he says. Bergen: What happens typically is that the ruling class gets used to these conditions and then they become tempted to reconfigure economy in ways that would benefit them rather than the rest of population.