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Article: What income inequality crisis?
- Article from:
- New Hampshire Business Review
- Article date:
- August 17, 2007
- Author:
CopyrightCOPYRIGHT 2007 Business Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Political candidates from both major parties all seem to agree that America faces a crisis of income inequality. They propose to alleviate it by raising taxes on the wealthy and expanding various welfare programs.
Maybe I'm just an old-fashioned capitalist who believes in a free enterprise way of doing things. That's the way I was brought up as a first-generation American. That's the way I was enlightened in graduate school. I also happen to believe that income inequality is not a bad thing; it is a natural and desirable part of aforementioned free and prosperous way of doing things.
As Alex Epstein at the Ayn Rand Institute asserts in a recent essay, ...