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What Is the Best Way to Help the Middle Class?
An article in yesterday’s New York Times, “Obama Says Income Gap Is Fraying U.S. Social Fabric”, quotes the President that “If we don’t do anything, then growth will be slower than it should be....
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The Best Way to Spread the Wealth
In today’s Wall Street Journal, Stephen Moore discusses how “Obama’s Economy Hits His Voters Hardest.” A report by Sentier Research shows that the average American household income has fallen from...
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How Do We Fight Economic Inequality? By Restoring Growth!
The liberal economist Paul Krugman returns to one of his favorite topics in yesterday’s New York Times, “Why Inequality Matters”. “On average, Americans remain a lot poorer today than they were before...
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More on Inequality: How Bad Is It and Why?
A recent article in Bloomberg View by Cass Sunstein, “How Did the 1 Percent Get Ahead So Fast?“, discusses the significance of new research by the economist Emmanuel Saez, ”Striking it Richer: The...
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Inequality III: Is the Game Rigged?
The economist Joseph Stiglitz has an Op Ed column in today’s New York Times, “In No One We Trust”, blaming the financial crisis on the banking industry. “In the years leading up to the crisis our...
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More on Inequality: What Does the Data Mean?
In yesterday’s Wall Street Journal, the economist Robert Grady addresses “Obama’s Misguided Obsession With Inequality”. The basic problem is that an important Congressional Budget Office report in...
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Is the American Middle Class in Decline?
Many political commentators have been complaining recently about the financial difficulties of the American middle class. For example, a recent report from Bill Moyers and Company, “By the Numbers:...
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Fundamental Tax Reform Is the Key to Solving Our Economic and Fiscal Problems...
The Yale Tax Law Professor, Michael Graetz, has proposed a new tax system “100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States” which would do wonders...
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Why a High Corporate Income Tax Is So Damaging to Our Economy
My previous post, “Fundamental Tax Reform Is the Key to Solving Our Economic and Fiscal Problems II. The Graetz Plan”, describes a tax reform plan which establishes a 14% national consumption (VAT)...
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How Do We Increase Economic Mobility?
As the Wall Street Journal reported several days ago, “Economic Mobility Is the New Flashpoint”. “Both parties agree the opportunity gap is widening, but the proposed solutions are starkly...
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Who Are the Enemies of the Poor?
In his usual provocative fashion, New York Times columnist Paul Krugman says that Republicans are “Enemies of the Poor” because “they’re deeply committed to the view that efforts to aid the poor are...
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Should Government Address Inequality Directly?
Wall Street Journal columnist William Galston suggests in “Where Right and Left Agree on Inequality”, that both sides of the political spectrum agree that economic inequality is increasing in America...
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How To Address Inequality: A Summary
I have had many recent posts addressing the problem of income inequality in the United States and what can and should be done about it. Below is a chart, from the Congressional Budget office, which...
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Harnessing Market Forces versus Offsetting Market Forces
The economist Matthew Slaughter writes in today’s Wall Street Journal that ’High Trade’ Jobs Pay Higher Wages. He points out that the 22.9 million Americans who work for U.S. headquartered...
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Does Free Trade Increase Inequality?
Several days ago, David Bonior, a former Congressman from Michigan, wrote in the New York Times about “Obama’s Free-Trade Conundrum”. “The President cannot both open markets and close the wage gap.”...
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Inequality, Productivity and Compensation
The Brookings Institution social economist, William Galston, has an interesting column in yesterday’s Wall Street Journal, “The U.S. Needs a New Social Contract”, deploring the fact that worker...
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Truth and Myth about Inequality
Two of my favorite columnists are the Brooking Institution’s William Galston, a social economist who has a weekly column in the Wall Street Journal and the economics journalist Robert Samuelson who...
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Where Have All the Raises Gone?
In yesterday’s New York Times an editorial asks the question “Where Have All the Raises Gone?”, pointing out that wages for college graduates have been stagnant since 2001 (see the chart below.) A...
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Wealth and Taxation
As I reported in my last blog post a few days ago, wealth inequality in the United States and the rest of the developed world is growing rapidly and is likely to get much worse in the foreseeable...
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Do We Really Need a Wealth Tax?
Our dire fiscal and economic problems are crying out for a bold solution. We need to simultaneously stimulate our economy to grow faster and create more jobs, raise sufficient tax revenue to pay for...
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