We Are the 99.9% by Pual Krugman Summary

Krugman opens up his article by defining what the 99 percent really stands for. He explains how the middle class is versus the elite class rather the middle class versus the poor. He also mentions that big winners will come from wealth and not from being a college graduate. In the article, Krugman explains how the 1 percent of people are rich while 0.1 people are the super elites, which are the filthy rich making the 99 percent everybody else. Krugman focuses on explaining whether the 0.1 percent or super elites should be paying more in taxes. Later on he mentions the republicans point of view a how the want to cut the rich’s taxes in order to create more business while on the other hand the democrats want the rich to pay more. Krugman then brings in a report from the Congressional Budget Office showing that between years 1979 and 2005 21 percent of the middle class got hit with inflation but for the 0.1 percent or the elites, 400 percent went up. The author then moves on to the republicans again by explaining their point of view mentioning that tax cuts on the rich creates more jobs, but truly only 43 percent of the elites are not the type of people that will create jobs following 18 percent in finance and 12 percent in real estate or lawyers. Krugman also brings in the Boards of directors who determine the pay and talks about how CEO’s make money whether they are doing good or bad. Krugman then ends his article by asking whether the 99.9 percent should be angry with the 0.1 percent and answers no without hesitation, but he does believe they should order the 0.1 percent to pay more in taxes.

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