Should we worry about Income Inequality?

  1. What is causing the income inequality? Is it the inevitable result of an open and fair market doing what it is supposed to do; picking winners according to the demands and wishes of the buyers? Or is it being caused by corrupt government activities supporting dishonest cronies at the cost of everyone else?
  2. Are the rich really getting richer and the poor really getting poorer? I know it sounds good in a political speech, but it probably isn’t true. Today the poor in the USA have a standard of living far above what the average middle class would have expected just 50 years ago, and only the extreme wealthy could have expected over a 100 years ago. Just because the rich are getting richer does not mean the poor are getting poorer, even if there is a relative disparity in economic wealth.
  3. Is there a lack of social mobility? And if so what is causing it? Could “income inequality” cause this? Or could it be a degradation of the cultural fabric of society that encourages people of all economic levels to make very poor decisions and then suffer the consequences; the difference being that the rich can better recover from bad choices whereas the poor have less wriggle room?

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Alexander Hay is a US lawyer now living in Tbilisi, Republic of Georgia. Some have accused him of being a curmudgeon, but what do they know???? Noisy kids!

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Alexander Hay

Alexander Hay

Alexander Hay is a US lawyer now living in Tbilisi, Republic of Georgia. Some have accused him of being a curmudgeon, but what do they know???? Noisy kids!