There are at least 2 problems with too much income inequality: first it is bad for the economy and second it is unfair. If all the rich were like Larry Page or Warren Buffett (or even say many of them were) instead of spoiled rich kids that would eliminate one problem. Too many people live with too few economic resources in the present day – that is not right. And too much income inequality destroys the economy. Surprise: The rich get richer and the poor get more numerous
The richest Californians are capturing a growing share of wealth. Income reported for tax purposes of the top 1 percent of the state’s taxpayers jumped 107.7 percent from 1995 to 2005, after adjusting for inflation. During the same period, income of the middle fifth of taxpayers rose 9.3 percent.
By the way there are many things that would be hard to live with but how do people even think of spending $500,000 on some kids birthday party (search for super sweet 16th if you have not heard of the crazy idea)? I really can’t fathom people being so ludicrously superficial and cruel. If you have such money to throw away how can you possibly choose to spend it on a spoiled brat’s party instead of helping out hundreds less fortunate 16 year olds literally starving to death around the globe? I really don’t understand. I am embarrassed to be of the same species as such people.
Related: Microfinancing Entrepreneurs – Estate Tax Repeal
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The growth in the number of jobs in the USA continues to be bad. The growth in jobs has been very poor thus far this century…