The inequality and growth debate is a red herring. It just doesn’t matter. The problem is inequality, and its solution is simple.
How can sales of super-luxury cars grow at super-fast rates during a recession? The answer is simple: it’s not a recession for everyone.
Following on the heels of the 2008 global financial crisis and the associated spike in government borrowing in Europe and the United States, the Reinhart-Rogoff paper quickly became a touchstone for the small-government crowd. Austerity is the order of the day. Reinhart and Rogoff are its prophets.
Greed is not good, and high inequality is making all of us greedier than we should, or could, be.
Call it vote-buying if you want, but when a government effectively buys the votes of 80 or 90 percent of the population, I call that government of the people, by the people, for the people.
The corrupting influence of inequality isn’t confined to politics. It is everywhere.
To make bank depositors pay for a bank bailout is sheer robbery. There is no other word for it.
Rising inequality is killing the dinosaurs – or at least what’s left of them.
British government funded research is unveiling which of today’s British fortunes are directly tied to slave ownership. America should follow suit.
How can things be so much worse now when the economy is essentially in the same place it was five or six years ago? The answer in two words is: Rising inequality.