October 18, 2011

JAMES PETHOKOUKIS: 5 reasons why income inequality is a myth — and Occupy Wall Street is wrong. “Just think for a second: If inequality had really exploded during the past 30 to 40 years, why did American politics simultaneously move rightward toward a greater embrace of free-market capitalism? Shouldn’t just the opposite have happened as beleaguered workers united and demanded a vastly expanded social safety net and sharply higher taxes on the rich? What happened to presidents Mondale, Dukakis, Gore and Kerry? Even Barack Obama ran for president as a market friendly, third-way technocrat. Nope, the story doesn’t hold together because the financial facts don’t support it. And here’s why.”

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