When we talk about inequality it is important to differentiate between income and wealth inequality.
Together they constitute one of the clearest examples of how the neo-liberal policy structures that have been in place over the last 30 odd years are failing and are pushing the world toward an unsustainable reckoning where it is anybody’s guess what the manifestation will look like – but I predict it will be destructive and ugly and drawn out and may not resolve itself into anything we would like.Bill Mitchell – billy blog
Rising income and wealth inequality – 1% owns more than bottom 99%
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Better than average post by Bill, though still wordy. :-)
ReplyDeleteAgree with his pessimistic conclusion: "Something ugly is the alternative and human history tells us that it happens."
Even when "progressives" win office, they sell out and screw up. Speaking of which, Bernie came out in support of raising the regressive FICA tax. Aargh!