“Some inequality of income and wealth is inevitable, if not necessary. If an economy is to function well, people need incentives to work hard and innovate….The pertinent question is not whether income and wealth inequality is good or bad. It is at what point do these inequalities become so great as to pose a serious threat to our economy, our ideal of equal opportunity and our democracy.”
So says Robert Reich in his latest post from his blog (http://robertreich.org/post/85532751265). Reich is a ‘progressive’. He is a ‘left’ Democrat that has railed against the apologetics and greed politics of the Republicans and the extreme bigotry of the Tea party faction. He was in Clinton’s cabinet as Labor Secretary and he wrote a book, After Shock, arguing that inequality was the cause of crises in capitalism – see my post http://thenextrecession.wordpress.com/2012/05/21/inequality-the-cause-of-crisis-and-depression/.
Now he is telling us that an ‘economy’ needs some inequality…
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