Democrats plan to demagogue income inequality and the wealth gap for political gain in this year's elections. Most of what's said about income inequality is stupid or, at best, ill-informed. Much to their disgrace, economists focusing on measures of income inequality bring little light to the issue. Let's look at it.
Income is a result of something. As such, results alone cannot establish whether there is fairness or justice. Take a simple example to make the point. Suppose Tom, Dick and Harry play a weekly game of poker. The result is: Tom wins 75 percent of the time. Dick and Harry, respectively, win 15 percent and 10 percent of the time. Knowing only the game's result permits us to say absolutely nothing as to whether there has been poker fairness or justice. Tom's disproportionate winnings are consistent with his being either an astute player or a clever cheater.
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1 comment:
I work for the state of Md.
We have approximately 55 employees in our office. A boss, 9 supervisors and the rest do the work.
Out of the ten in management 90% are Obama/O'Malley voting flaming liberals.
Most make more than double what the producers make.
I propose the "payroll parity plan".
Whereby we take all the monies in payroll divide it by 55, then make modest adjustments of 1/2 to 2% based on TESTED knowledge and seniority of ALL employee's.
Do you think the Obama liberals will comply with that request??
Yeah, lets be fair.
(sarc)
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