Billionaires are not the (only) bad guys

The way we talk about income inequality is totally wrong, which is exactly as the super-rich want it.

Howard Schultz, Starbucks CEO and man who absolutely, positively should not run for President, came under fire in early February when he was asked whether billionaires have too much power, and responded that he preferred terms like “people of means,” and “people of wealth.” Most responses assumed Schultz was suggesting euphemisms — Elle proclaimed that “the B-word” makes Schultz sad, and Twitter of course had a field day — but I think his meaning was misunderstood, and more importantly, I think Howard Schultz is right.

America has a problem with wealth inequality. Actually, that’s an understatement. Along with gun violence, climate change, and systemic racism, wealth inequality belongs on the short list of existential threats to our nation. It undermines our democracy, tears at our social fabric, and literally kills our citizens. Unfortunately, the way we talk about it is fundamentally broken, and makes the path to a solution far more difficult.

The problem begins with the word “billionaire” Not because it’s pejorative, or inaccurate, but because it is too narrow.