Is rising inequality due to an increase in winner-take-all markets? http://t.co/CFutEDvaZp
— Noah Smith (@Noahpinion) May 29, 2015
Although I’m more partial to the Republican perspective on this issue, Wealth inequality and poverty is something that both sides get wrong to varying degrees, with the left tending to be more wrong the the right. The ‘right’ puts too much emphasis on ‘pulling oneself up’ as way to combat poverty, which runs against the cognitive limitations imposed by biology (some people may simply not be smart enough to adapt to our changing , more competitive economy), but the Republicans are right about wealth inequality not being such a big deal and the need for less regulation and lower taxes (Reaganomics). In blaming rich people and advocating redistribution and other ineffective and destructive programs, the left gets both the cause, effect and solution to wealth inequality wrong. Even as a Republican, I don’t oppose all social programs; I just want a better allocation of resources. Why should we waste billions of tax-payer dollars educating and retraining individuals that will get little benefits from such programs when we should be focusing our attention (reform higher education) to those at the top, cognitively speaking, who will benefit the most?
— Bloomberg Markets (@markets) March 18, 2015
What happened to the dollar collapse that everyone (but me and some others) predicted would happen?
— Tren Griffin (@trengriffin) May 31, 2015
The debate on wealth inequality ignores/overlooks the rise of living standards due to technology, as well as rising entitlement spenidng.