A key issue in the upcoming (and seemingly interminable) Presidential campaign is supposed to be inequality. Major candidates are already talking about their solutions to the problem of increasing inequality in the U.S. Not surprisingly, most of the proposals are for tired prescriptions from the past. Democrats call for increasing minimum wages while Republicans talk about education and job training to enhance upward mobility of workers. While both of these are both potentially worthwhile economic policies to pursue, neither is likely to reduce inequality dramatically in the U.S. The issue is much more complex.
Income inequality in the U.S. can […]