Adopt a GER That Makes Inequality Seem Real
Originally @ Stanford Review In early August, viewers of NBC’s Meet the Press witnessed a strange spectacle. The show’s guest that morning claimed that the United States’ economic recovery since the recession that began in 2008 had not been uniform. Rather, he argued, the pace of recovery was split along an income line that, for all intents and purposes, created two distinct types of economies. This is an idea that has not been emphasized enough in undergraduate education at Stanford. The idea that there are two separate economies—one for the rich and one for the poor—is not novel in Western economic literature or political campaigning. It is an almost tautological fact that the economy and its pace of recovery from recession functions in a markedly different manner for higher income brackets than for lower ones. What made this assertion so startling on Meet the Press was that it came from Alan Greenspan, the champion of free-market economies and liberty as the greatest good. As ...