Examine Inequality’s Causes Before Prescribing Solutions
Fear and loathing of income inequality is both totally understandable and ultimately misplaced.
It’s understandable because everywhere around us it seems as if top income earners ‑ those latter-day kulaks vilified as the “1 Percent” by the Occupy crowd and populist politicians ‑ are gaining while the rest of us seem barely able to hang on to a lower-middle-class standard of living.
It’s misplaced because it glosses over strong evidence that the ability to rise above your starting place ‑ the American Dream, by most accounts ‑ is better than it was 40 years ago.
A June study from Pew’s Economic Mobility Project finds that 84 percent of Americans have “higher family incomes than their parents did.” Among people raised in the bottom income quintile, the figure was 93 percent.
Read the full article at Reuters.com.