Wealth & Poverty Review Income Mobility, Not Income Gaps

If President Obama’s recent speeches in Maine and Vermont are any indication, for the rest of the year we can count on hearing all about the gap between rich and poor, the injustice of income inequality, and the need for the federal government to fix the supposed failures of the free market.
Anne Bradley and I argue in Townhall that these ramblings are mostly the result of economic illiteracy. The little detail that almost all such discussions ignore is that the various income groups do not contain the same people over time. That’s because millions of people work their way up the income ladder as they grow older and more experienced. This income mobility, not illusory income equality, is a real sign of a just society.
Read the whole thing here.

Jay W. Richards

Senior Fellow at Discovery, Senior Research Fellow at Heritage Foundation
Jay W. Richards, Ph.D., is the William E. Simon Senior Research Fellow at the Heritage Foundation, a Senior Fellow at the Discovery Institute, and the Executive Editor of The Stream. Richards is author or editor of more than a dozen books, including the New York Times bestsellers Infiltrated (2013) and Indivisible (2012); The Human Advantage; Money, Greed, and God, winner of a 2010 Templeton Enterprise Award; The Hobbit Party with Jonathan Witt; and Eat, Fast, Feast. His most recent book, with Douglas Axe and William Briggs, is The Price of Panic: How the Tyranny of Experts Turned a Pandemic Into a Catastrophe.