Economist Robert Samuelson at his best. He addresses the question of income inequality in his column. An excerpt:
Judged only by economic inequality, the financial crisis is a godsend. It will probably narrow the gap though still vast between the rich and everybody else. But what good will that do? Economic inequality also declined in the Great Depression. The country wasn’t better off.
By and large, the poor aren’t poor because the rich are rich. They’re usually poor for their own reasons: family breakdown, low skills, destructive personal habits and plain bad luck.
The presumption implicit in the criticism of growing economic inequality is that society’s income is a given and, if the rich have less, others will have more. Up to a point, that’s true. The government already redistributes much income, often for the good.
During the boom years, companies might have been less lavish with top executives…
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