The context for Occupy Wall Street and proposals to tax the rich — "rich" being constantly redefined — is the broader issue of economic inequality. For years, liberal politicians, academics and pundits have complained about growing inequality, but their protests barely resonated with the public. When most people are doing OK, the fact that some people are doing better does not arouse much anger. No more. When many people do worse, or fear they might, the rich inspire resentment and envy. Glaring inequalities that once seemed tolerable become offensive.
By and large, Americans regard the rich the way they do the poor. There are the "deserving" and the "undeserving." The deserving pioneer new technologies, manage vibrant businesses or excel at something (law, entertainment, sports). Few resent the wealth of Bill Gates or Oprah Winfrey. By contrast, the "undeserving" rich succeed through self-dealing or activities lacking broad social value.
What's happening now is that more rich are being disparaged as "undeserving." Blamed for the financial crisis, Wall Street types top the list. During the 1990s stock market boom, about half of Americans agreed that "people on Wall Street are as honest and moral as other people," reports the Harris Poll. This year, only 26 percent think so. Two-thirds believe Wall Street's most successful people are overpaid.