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Kevin Phillips basically mocks Danko and Stanley for claiming that the wealthy in America are a hardworking, conscientious, and frugal bunch. Phillips points out that in the United States the truly wealthy are not those with over a million dollars in carefully accumulated savings but those that earn more than a million per year, mostly in capital gains. Phillips argues that these people have essentially become rentiers that live off their investments. He further argues that, as rentiers, these wealthy few have essentially left the American economy behind and make up a global capitalist class.

Phillips is concerned because the rise of a rentier elite has developed several times before in world history (Spain, the Netherlands, Britain) and has always preceded national decline. As a result, he feels forced to conclude that the United States is now following the road previously taken by these other nations.

Should we share his concern?

There are many ways to deal with this question. For example, Phillips is giving us a new reason to worry about inequality; you might consider whether this reason is more or less important than others. You might also consider whether we should be most concerned about the fate of the United States or the fate of the entire global community. There are many other ways to think about it. The most important thing is to compose a well-structured essay that poses a serious intellectual problem and coherently and clearly argues a consistent point. After you write a draft, read the next two chapters of _Style_ and see that your paper conforms to its suggestions.

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