Egalitarians on the left are constantly demanding greater equality in income distribution.Well, they've gotten it. Here are the latest numbers from the IRS on the percent of total adjusted gross income that is accounted for by those earning $200,000+ (those described by President Obama as "millionaires and billionaires").
2009 25.8%
2007 32.8%
Economists have long known that the equality of income distribution is inversely correlated with economic growth, and that recessions flatten the income distribution.
So aren't liberals pleased by this? Will they be angry again when growth resumes someday and inequality returns to pre-recession levels? Maybe permanent stagnation is their answer?
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