Inequality has emerged as a major economic issue in the United States and beyond.
The Great Debate
Are you better off than you were twenty years ago? Probably not relative to very rich people today, but what about relative to you, or to someone your age and position twenty years ago? Income inequality has been called the defining issue of our time. Powerful leaders, from President Obama to Pope Francis, have cited it as evidence that the unfettered capitalism that has enriched the wealthy hasn’t been shared. Of course, there’s a difference between the gains in income being shared evenly, shared a little, or making everyone else poorer. In many ways the average American is much better off than he used to be; in other ways he’s worse off. But even if we focus on what’s gotten better, we may still need to worry about the future.
The rich, to mangle F. Scott Fitzgerald slightly, they rationalize differently than you and me. Whether they succeed or fail, they’ve always got a pseudo-scientific excuse. If they do well, it’s because their habits are better than those of the rest of us peons. If they do badly, it was their upbringing, since wealthy parents too readily substitute lucre for love.
The opinions expressed are his own.
Here in the egalitarian paradise of the United States, there is apparently nothing worse than “class warfare” – which is why Republicans are trying to affix this damning label to President Obama’s new plan to raise taxes on the rich. One hitch, though, is that the billionaire Warren Buffett is not alone in his willingness to pay higher taxes. Many other wealthy Americans are also ready to see their taxes go up. The battle over taxes, its turns out, is not just between the rich and everyone else; the upper class itself is divided on this issue. That is good news for Obama, who’ll need all the help he can get to enact deficit reduction that balances spending cuts with new revenue.
from The Great Debate UK:
- Jane Foley is research director at Forex.com and blogs regularly for Reuters Great Debate. The opinions expressed are her own. Reuters will host a “follow-the-sun” live blog on Monday, March 8, 2010, International Women’s Day. Please tune in. -
from Tales from the Trail:
GREEN, Ohio - John McCain wants Americans to get rich.
That was the message from the Republican presidential hopeful Wednesday as he focused again on the differences in his tax proposals and those of Democratic rival Barack Obama.