Originally Posted by Loneiguana
First, I don't feel you answered my questions.
Let's assume we both agree that the U.S. suffers from third world level income inequality (remember I said assume). How, in your opinion, does that strengthen the American Economy. What positive benefit do you believe it gives our country?
I did answer your question. I told you that I don't know why it would be good or bad. That's why I asked the people who are convinced that it's bad to explain why. So far, I'm learning that it's more an article of faith than a well reasoned position.
But, I'll give you a list of countries
that have a lower Gini coefficient (less income inequality) than the US, and I can tell you that I'd rather have our inequality than the economic conditions in any of them:
Democratic Republic of the Congo
How many of those do you envy for their equality and their upward mobility?
If you look at all the countries listed on that wiki page, you will see pathetic third world economies both above and below the US level of income inequality so I'm not sure how to apply the premise of your hypothetical. Are we suffering from Ethiopian levels of inequality or Botswanan levels?
“[Cruz] might not be the most fun to have a drink at the bar with, but America needs a designated driver.” - Mica Mosbacher, wife of the late Robert Mosbacher, Secretary of Commerce