In Defense of Income Inequality

Peter Schwartz:

The issue of income inequality reveals one of the ugliest aspects of today's culture. The ugliness stems not from the existence of income inequality--but from the motives of those who denounce it.

Income inequality used to be a rabble-rousing issue of the left. Now it is being raised by mainstream figures, from the head of the Federal Reserve to President Bush, who are apologetically trying to offer solutions. But what is the actual problem they wish to solve?

Certainly, it is not a growth in poverty. To the contrary, between 1979 and 2006--the period during which income inequality has supposedly become more acute--real wages for the median worker rose 11.5%. Even workers in the lowest tenth percentile had an increase of 4%.

No, the alleged problem is not that some are becoming poor--but that others are too rich..

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