Nobody Really Cares About Inequality

At least as it’s measured by statistics.

*

Here’s an argument I have heard multiple times from people on the left side of things: yes, this policy may shave half a percentage point or so from the growth rate, but do people want to be a few percent richer if they have to live in a more unequal society?

If this was true, then why is there nobody on the Left celebrating the last few years? They could even hail Obama as a great leftist: for the moderate price of a less than a percentage points of GDP growth (growth just below 2% instead of just above it), inequality is coming down. Seriously, has anybody actually stood up and said this economy is what we’ve been fighting for? Without too much searching, I think the answer is No.

In abstract, sacrificing just a few percentage points of GDP sounds easy. In practice, it’s actually pretty nasty.

*

Do people want to be a few percent richer if they have to live in a more unequal society? Yes.

At least as it's measured by statistics. * Here's an argument I have heard multiple times from people on the left side of things: yes, this policy may shave half a percentage point or so from the growth rate, but do people want to be a few percent richer if they have to live in a ...