Tuesday, October 4, 2022
Home LATEST NEWS Income equality, not inequality, is the problem

Income equality, not inequality, is the problem

by phil gramm other early john

Contrary to conventional wisdom, the most dramatic and consequential change in the distribution of income in the United States in the last half century is not the rise in income inequality, but the extraordinary growth in income. equality among the bottom 60% of wage earners in the household.

Real government transfer payments to the bottom 20% of household earners increased by 269% between 1967 and 2017, while real after-tax income of middle-income households increased by just 154% over the same period. That has largely equalized the income of the bottom 60% of Americans. This government-created equality has caused the labor participation rate among working-age people in low-income households to collapse and sparked a populist realignment that is unraveling the coalition that has dominated American politics since the 1930s. .

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