Wednesday, March 11, 2015
Income Inequality is an Unqualified Good
Because it is proof of freedom, the inevitable income inequality in America, which any single moment in time reveals, is the furthest thing from a crisis or problem. And, again because of freedom, things change. Behold:
And despite America's lousy government schools and regulations that make it tough to start a business, there is still economic mobility. Poor people don't have to stay poor. Sixty-four percent of those born in the poorest fifth of the U.S. population move out of that quintile. Eleven percent of them rise all the way to the top, according to economists at Harvard and Berkeley. Most of the billionaires atop the Forbes richest list weren't rich. They got rich by innovating.You know that there are very real problems out there to worry about but the freedom to succeed or fail economically is not one of them. Get your priorities right, lefties.
Rich people aren't guaranteed their place at the top, either. Sixty-six percent fell from the top quintile, and eight percent fell all the way to the bottom.
Labels: Income Inequality; John Stossel; Freedom
