All This Inequality Talk Does Nothing for the Poor
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July 31 (Bloomberg) -- Like any immigrant, I’m optimisticabout the U.S. The crash will recede, confidence will come backand stronger growth will resume. The zeal of ordinary Americansto work hard and prosper will prevail over the wearyincompetence of the political class. If I wanted to bepessimistic, though, I know what I’d be dwelling on right now:the new preoccupation with inequality.
Inequality is rising, and that’s a bad thing. What’s worseis that the issue is getting mixed up with what should be a morepressing debate over economic opportunity, which would be betterkept separate. This is both a distraction and a danger.