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.