Defending the billionaires

In an interview, Schultz was asked whether billionaires have too much power. He responded by noting that the moniker “billionaire” has become a “catchphrase” and proceeded to reframe the question: “I would rephrase that and I would say that people of means have been able to leverage their wealth and their interest in ways that are unfair.” So he didn’t necessarily disagree with the premise of the question. Nor did he say that other people shouldn’t use the term “billionaires.”

For the record, he also noted that such people have “unbelievable influence,” and that speaks to the problem of inequality. And he included corporations (not just people) and the political ideologies of the two major parties as part of the problem.

From Tyler Cowen’s Bloomberg column.