The Big Progressive Project: Income Inequality
Last night, President Obama said:
Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is growing again. But we have never measured progress by these yardsticks alone. We measure progress by the success of our people. By the jobs they can find and the quality of life those jobs offer. [. . .]That’s the project the American people want us to work on. Together. We did that in December. Thanks to the tax cuts we passed, Americans’ paychecks are a little bigger today. Every business can write off the full cost of the new investments they make this year. These steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last year.
(Emphasis supplied.) Obama posits that the tax cuts in The Deal will create jobs and spur economic growth. I think that in fact The Deal was a terrible decision that will retard economic growth over the medium and long term because it exacerbates the biggest economic problem we face, income inequality. Buttressing my view is, via DougJ, this Harvard Business Review article by Justin Fox:
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