If The Rich Get Richer, Should We Care?
I won’t bother restating his arguments here. What I will say is that any of his arguments nonwithstanding, income equality is a bad thing. People are jealous of the rich. But the answer is not to tear down and tax the rich, it is to give people better opportunities to create value on their own.
Today, it takes less capital than ever to create businesses and value. Ideas reign supreme. That is why education is now the most important issue facing us.
To me, it doesn’t make sense to decry income inequality, then refuse to subject a hideously inefficient educational system to market forces and accountability. On the other hand, it also doesn’t make sense to claim that we shouldn’t do anything for the poor (only 3% of students at top colleges come from the lowest income quartile) when they have clearly been jobbed by the system (which is a combination of free markets and regulation–both wise and unwise).
Don’t worry about the rich getting richer. Let them continue to create wealth. (Except for Paris Hilton, whom CB memorably dubs the “super-tramp.”) Worry about giving the poor an opportunity to become rich.