The U.S. Income Gap May Be Narrower Than We Think
22nd January 2015
Thomas Piketty, writing with economist Emmanuel Saez, has estimated that those in the bottom 90% of the income distribution received only 9% of the income gains between 1979 and 2007 (the year before the onset of the Great Recession).
But their estimate ignores government transfer payments, and it doesn’t take into account the aging of the population, among other things. When these adjustments are made, a much less pessimistic result emerges.
Why ‘pessimistic’? Some people have a lot more money than other people? Why is that a problem? The assumption seems to be that ‘Well, it’s a problem’, without any discussion (much less evidence) as to why it’s a problem. The people who bitch about it the most are the people who seem to assume that it’s ipso facto some sort of evidence of ‘social injustice’, but they can’t ever be bothered to explain why that is; they just assume it, and far too many people who ought to know better just accept that assumption without questioning it.
That’s horseshit, and I’ll be the first to say it. You want me to worry about income inequality? Okay, explain to me why it’s something to worry about. Otherwise, STFU.