The only way to permanently rid a society of a ‘gap’ in either wealth or income is by making everybody equally poor. If nobody has any more wealth than anybody else, then nobody can be ‘wealthy.’
Tagged: Income Inequality
President Obama’s speech yesterday on inequality is being lauded as one of the best of his life, by people who paid attention to it. It’s a sad speech to read, in some sense, since it contains within it the promise of a presidency that we never saw come to fruition – the sort of policy effort that might have been launched to bipartisan success in the first year of his presidency, instead of his effort on Obamacare.
In February, 2009, I wrote for the Wall Street Journal an article entitled Reaganomics versus Obamanomics. The article explained that the emerging Obamanomics was pursuing exactly the opposite of every policy of the[...]