Income Inequality May Take Toll on Growth – NYTimes.com

Stare this ugly fact right in the face — we are killing our country with income inequality.  It’s a significant factor in the stunting of American economic growth.  If Mitt Romney gets elected, income inequality will get even worse, and our economy will become even more stratified and vulnerable.

Income Inequality May Take Toll on Growth – NYTimes.com.

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4 responses

  1. I think income inequality has become more severe because of the loss of higher paying industrial jobs and this hasn’t improved under Obama-Romney may have better ideas on this issue.At least I hope so if he wins.

  2. Mr. Bernstein makes an excellent point.The replacement of full time manufacturing, heavy industrial, and extractive industry employment with service industry and part time employment has reduced the work force to its lowest levels, or made workers underemployed. These jobs have fled to other countries because of more favorable work environments, a better educated work force, more favorable government regulatory policies and easier access to raw materials. The fact is that education has failed miserably in the U.S. has led to a decline in the capabilities of the work force. It is also a fact that 5 percent of the wealthiest Americans pay almost 40 percent of all federal taxes and 47% pay no taxes at all. One might point to this as a burden on the economy. Capital creates jobs, not government. The TARP handouts resulted in jobs, most temporary, costing $793,000 per job. That was almost all borrowed money, and money that was taken out of the economy.

  3. “More favorable” work environments in China, Bangla Desh, Pakistan etc?? You mean, they work cheaper, real unions not allowed, little environmental contols, etc.
    There is already plenty of capital available in the US but little investment because the 1% have been so successful in driving down wages and benefits for so many, there is not enough purchasing power to justify much investment. The parasites in the financial industrry, who produce nothing but paper transactions, have absconded with so much of the wealth, even off-shoring their profits (as well as the jobs) to avoid taxes as the Mitt has likely done. They don’t care about America, only about getting even richer. Instead of trickle down we need (as Henry Ford realized a century ago but the greedy moguls have forgotten) to build the purchasing power of US workers.

  4. We haven’t got a great choice this Nov 6.A lying ,detached, socialist with a marked inability to interact effectively with other people in government vs.a chameleonesque draft evader.This is the best we can do?Last time around at least I could have some degree of confdence in McCain,but his VP choice left me concerned,The last time I felt good about voting for a candidate was for Bob Dole.However I really like Brendan Doherty-too bad I can’t vote for him.I hope Scott Brown wins also.

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