Income Inequality

Pretty good article from the Economist’s DIA blog. I suspect many of the articles I cite with approval from this blog are from this author. Here’s the part I like:

I think the rich are getting much, much richer, while regular people (in the developed world, which is what we’re talking about here) are at best treading water. I think that wealth brings power, and the fact that the rich are getting much, much richer relative to everyone else means that the rich also exert increasing influence over the economy, government and society. I think income mobility and equality of opportunity have declined in America over the past 40 years, to the point where America is now more segregated by class divisions than many European countries. I think a major reason for these shifts has been the increasing dominance, since the Reagan era, of an ideology that is indifferent to or actively celebrates inequality of income. I think this ideology is bad: bad for the economy, bad for society, bad for art and culture, bad for the moral character of those who subscribe to it.

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