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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, Assistant Research Professor, Executive Editor
Jay Richards, Ph.D., O.P., is an Assistant Research Professor in the School of Business and Economics at The Catholic University of America, Executive Editor of The Stream and a Senior Fellow at the Discovery Institute where he works with the Center on Wealth, Poverty and Morality. In addition to writing many academic articles, books, and popular essays on a wide variety of subjects, he edited the award winning anthology God & Evolution and co-authored The Privileged Planet.  His most recent book is The Human Advantage. Richards has a Ph.D., with honors, in philosophy and theology from Princeton Theological Seminary, an M.Div., a Th.M., and a B.A. with majors in Political Science and Religion. He lives with his family in the Washington DC Metro area.