The 1 Percent and the Rest of Us

Many economists are concerned about all this.  For example, Paul Krugman says that regardless of evidence of economic growth overall, high levels of inequality in income suppress middle-class wages and produce economic instability.  Kathleen Geier points out that inequality is also potentially destructive to our nation’s social fabric, since the money gap greatly exacerbates political and institutional problems.  That conclusion is supported by the premise that we have become a credit-driven economy, or, as some have put it, a House of Cards.

Let’s add another chart, and its accompanying statement.

There are lots and lots of reasons to oppose high and rising income inequality. Maybe its effect on economic growth is one of them.  [But] aside from the self-interest of the rich, there are no longer any real arguments for favoring or ignoring rising income inequality. The fact that this is now so widely accepted – well, that’s kind of amazing, isn’t it?

Amazing indeed, and about time.

Michele Petrovsky, Webmaster at Tools4Change Author of, Cathedral or Bazaar?  Fix Higher Education – Teach by the Seat of Your Pants , Donkey Dharma, and Quick Guide to Linux Glen Mills, Pa.

***

To submit a blog to Free Speech Zone, e-mail it to bstack@usw.org. Keep it to 250 words or fewer. You MUST include your full name, hometown, and state. You may attach a photograph of yourself. Please include a phone number. This WILL NOT be published. Posting any given blog is within the discretion of the USW. No blog using foul language (this is a family site), false information (we don’t want to get sued), or unnecessary personal attacks (again, we don’t want to get sued) will be used. Wait a reasonable period of time, then blog again! This is a Free Speech Zone.