Relative poverty is a very different problem from absolute poverty. If you were sitting in a room with a 100 executives making a six figure income and Bill Gates walked in, the inequality would skyrocket. Is that a problem?Read More
When you rob Peter to pay Paul you can count on Paul’s approval, but you can also count on Peter moving to another more friendly place. When you try to build a wall to keep Peter in, you also discourage Peters from moving here, and you encourage young and enterprising Peters to move away BEFORE they become wealthy enough to be worth robbing.
Warren’s policy is as destructive of our long term financial health as any policy we can imagine.Read More
The prioritization of inequality over poverty is attributed to envy in some cases but more often to a violation of some sense of fairness. But just as we should care not the think of the poor as a single entity, we should be even more cautious not to group the rich or even the super-rich as a single faceless group. Some of the super wealthy have benefited us all, and some have abused the system to their advantage while providing little value. We should distinguish between the rent seekers and the rich who have improved our lives.Read More
by Henry Oliner
The estate tax is less of a transfer from the rich to the poor than it is a transfer from one group of wealthy to other wealthy special interests. The great beneficiaries of estate taxes are tax lawyers and accountants, insurance companies, and wealthier businesses who use the pressure of the estate taxes to acquire other firms and grow larger.
From Robert Samuelson at The Washington Post, The coming middle-class tax increase There is a broader message here. Both parties have constructed rationales for avoiding middle-class tax increases, which would be highly unpopular. It’s not that these rationales are illegitimate: The…Read More
from Mark Perry in his blog Carpe Diem, John Tamny on ‘surging lifestyle equality’ and the source of the Clintons’ wealth excerpts: The ‘wealth inequality’ decried by clueless economists and opportunistic politicians has been mis-named. What’s a pejorative is unrelentingly…Read More
Economist Mark Perry writes in his blog, Carpe Diem, US middle class has disappeared into higher-income groups; recent stagnation explained by changing household demographics? Excerpts: Here’s another way to understand the dynamic income shift over the last half century that…Read More
Jonah Goldberg writes Mr. Piketty’s Big Book of Marxiness in the July issue of Commentary. Excerpt: Of course, America has poor people, though it has relatively few who go hungry because capitalism has failed them. The average poor person in America, in…Read More
Kevin Williamson writes What to Do About Wages in The National Review. Excerpts: Inequality as such should be a complete non-issue. It is utterly meaningless as a measure of anybody’s real-world standard of living or of national prosperity. If real wages for…Read More
Jonah Goldberg writes Mr. Piketty’s Big Book of Marxiness in the July issue of Commentary. Excerpt: Homburg, the American Enterprise Institute’s Kevin Hassett, and a team at the Sciences Po in Paris, moreover, argue that the recent widening of the wealth-to-income gap…Read More