Saturday, December 7, 2013

Rhetoric versus reality

Income inequality in the US is often characterized by academics and pundits as a struggle between the 1% and the 99%. The whole issue is much more about political positioning than it is about any real economic problem. I couldn't help but chuckle at the most recent Gallup poll in which respondents were asked to identify what is the most important issue facing the country today. The economy came in first with 16% identifying that as the most important problem.

Income inequality? 1% identified it as the most important issue. So you have to wonder, is that 1% THE 1% or is 1% from among the 99%?

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