The Side Effects of Income Inequality

Summary from a nice critique of Paul Graham’s essay on economic inequality:

In summary, the primary problem caused by growing income inequality is that it perpetuates the creation of a separate class of people whose wealth allows them to control politicians and influence legislation in ways favorable to them and potentially unfavorable to the middle & lower classes. This manifests itself in lots of ways from obvious things like different tax policies for investments versus wages to using affluenza as a legal defensefor crimes committed by children of the rich and more.

 

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