Clarifying America’s Great Inequality Debate
Technical debates about the nature and scale of income inequality are important, but they should not obscure what matters most in the story of the US economy. The mitigating effects of taxes and transfers do not change the fact that the market economy has been malfunctioning for the past 40 years.
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BOSTON – Debates about inequality trends in the United States have leapt from the pages of academic journals to leading media outlets. While conservatives have long questioned whether US inequality has really increased, The Economist recently weighed in, concluding that “the idea that inequality is rising is very far from a self-evident truth.” Unfortunately, this debate has muddled several issues in an unhelpful manner.