Lane Kenworthy lays out yet again the stunning rise in inequality in America since 1950, and especially during the period since the early eighties when supply-side economic thinking took effect. Meanwhile Greg Mankiw is presenting more don’t-worry-be-happy data.
Supply-siders will tell you that we need to embrace or least tolerate this inequality, because it’s necessary if our economy is to grow.
So, how’s that theory working out?
Hmmm….