The Left is at war with economic reality. The intellectual poverty of the Left — which is also a moral poverty — is evident in the fact that its leaders are much more intensely interested in incomes at the top than those at the bottom. Examples are not difficult to come by: Senator Elizabeth Warren is visibly agitated by Jamie Dimon’s recent raise, the AFL-CIO maintains a website dedicated to executive compensation, Barack Obama avows that “at a certain point, you’ve made enough money,” et cetera ad nauseam. The entire rhetoric of inequality is simply an excuse to rage about incomes at the top, a generation’s worth of progressive shenanigans having failed to do much about those at the bottom.The left's only reply to this is, "But, but, the Koch Brothers! And George Bush! And racism!"
It is the case that incomes at the top have gone up while those in the middle and at the bottom have stagnated or declined in real terms. It is not the case that incomes at the top have gone up because those in the middle and at the bottom have stagnated or declined, nor is it the case that incomes in the middle and at the bottom have stagnated or declined because incomes at the top have gone up. There is a relationship between the two phenomena, but it is not the relationship that progressives imagine it to be...
The American rich are not getting richer because of the American tax code. Income inequality in the United States is increasing. It is also increasing in Sweden. And Norway. And Finland. And the Netherlands. And Canada. And Germany. Pick your European welfare state and throw in Japan, too, and you’ll find much the same story.
Incomes are up at the top, stagnating or down elsewhere — but there is no “because” between those two facts. link
Tuesday, February 11, 2014
It's enough to make you wonder if the left's current bugaboo, "income inequality", is as made up as their phony "war on women":