Scarcity in an Age of Plenty
Around the world, poor – and even the middle classes – are seeing their incomes squeezed as the global economy enters a slowdown, while protests against soaring food and fuel prices are mounting. As politicians struggle to respond, they should bear in mind an important lesson of our current era of unequal prosperity: across-the-board tax cuts are not the answer.
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NEW YORK – Around the world, protests against soaring food and fuel prices are mounting. The poor – and even the middle classes – are seeing their incomes squeezed as the global economy enters a slowdown. Politicians want to respond to their constituents’ legitimate concerns, but do not know what to do.