Here's a counterpoint to Bruce and Eugene's dialogue about the
growing income inequality in the US
It's an op-ed piece by two conservative economists, defending the earnings
gap. In brief, the gist of their argument rests on the old Reaganite saw:
"The rising tide lifts all boats." This has been the central argument of
the "trickle down" theory of economics, allow the rich to enrich themselves
even more (no taxes, no gov't regulation), and the poor will get bigger
crumbs from their (the rich's) tables
They stoop to such speciousness as comparing the higher overall incomes of
the more urbanized states to the lower overall wages in the rural states
(which currently have narrower income gaps). In other words, because NY
State's poor and working class have higher absolute earnings than those in
Kansas, that means NY is a BETTER place for the lower classes, even though
NY has the highest income gap. Of course, as true conservatives, they
eschew the use of adjusted income (for cost of living), which data tells
more of the true story: $10/hr in NY is equivalent to only $7/hr in less
urbanized areas as far as how well you can survive on the money.
Caution!! Spin doctors at work!
http://www.nytimes.com/yr/mo/day/oped/24cox.html
Pete Farruggio
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