“Something is wrong with capitalism as it now stands in the United States,” King warned. “Rugged individualism,” he said, was a faulty foundation for national identity, since over the years it had distracted from the fact that government does in fact redistribute wealth—upward. “This country has socialism for the rich,” King said, and “individualism for the poor”; what was dispensed lavishly as “subsidies” to one kind of people was begrudged to another as “welfare.”
