Thursday, December 22, 2011

Gis' a job!

Nice one. Via Brad DeLong, Jim Henley explains the otherwise inexplicable: the Lib Dems remaining in this Conservative government.

It all makes sense if you start to think about what Nick Clegg plans to do when his political career is over (circa 2015) - get a well paid job in the corporate sector. And how do you get offered a well paid job in the corporate sector? Well, not by reforming the banks, penal tax rates on bonuses, and help for the poor, that's for sure.

This raises a broader question: How much is the general shift towards pro-rich policy over the past decades explained by the failure to generate a political elite that actually responds in any serious way to popular demands? This angle certainly sounds more plausible than the alternative - that somehow median voters became convinced of the need to line the pockets of the 1%.