Harvard Yarn

By Bill Maher

News Flash: A Harvard economist says the rich deserve their money because they're better than everyone else.

Last month Greg Mankiw, Mitt Romney's economic advisor and the head of the Econ Department at Harvard, released a paper defending the one percent.  He called it, "Defending the One Percent."

In a nutshell, his thesis is that the rich earned their shit-ton of money because they contribute more to society. To prove it he asks his readers to imagine a world with total economic equality. Then along comes Steve Jobs and J.K. Rowling. Everybody wants their stuff, so they make a ton of money. Is this unfair? Of course not! So quit yer bitching, poor people!

So this is what economists at Harvard do? Dream up simplistic fairy tales to justify income inequality? Of course people who invent cool stuff are going to become rich; that's got nothing to do with the price of Eggbeaters at the 99-cent store. The real reasons: Inequality is rising because wages are stagnant, education is too expensive and housing is in one bubble after another, to cite a few.