Obama’s Economics – Equality At The Zero
President Barack Obama was talking economy again the 24th of July. This is typically the topic he comes back to after every other topic he could discuss seems to be one about which he should zip his soup cooler. The bromides flew like Japanese Beetles during an infestation. He seems to have noticed the high level of inequality between the average American and the typical student at the Punahou Academy. He dusts off his old copy of Resnick and Wolff below.
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“This growing inequality isn’t just morally wrong; it’s bad economics,” he told his Galesburg, Illinois audience. “When middle-class families have less to spend, businesses have fewer customers. When wealth concentrates at the very top, it can inflate unstable bubbles that threaten the economy. When the rungs on the ladder of opportunity grow farther apart, it undermines the very essence of this country.”