A middle class that has learned to live with the constant anxiety and dangers of medical bankruptcies and layoffs may be looking at the wealthy and wondering why they don’t seem to have comparable risks. But the key to allaying a sense of unfairness isn't to ban diversification or allow financial crises to wreck the economy. Instead, policy makers who want to avoid destructive class conflicts should focus on reducing the risks faced by the middle class. National health insurance and policies to encourage full employment would give those of modest wealth a feeling of greater security. If a middle-class lifestyle is less likely to end in tears, the clamor for billionaire tears might subside.
This opinion commentary was provided by Bloomberg News.