Mark Carney has come out and said the very thing that every economist studying the subject agrees with. It isn’t true that everyone benefits from free trade and globalisation. The net effect on all humans is vastly positive, but there are still those that lose. And that’s a political problem, not an economic one. For the people who don’t win are, largely speaking, those below median incomes in the already rich countries. It is this which drives the chatter about increasing inequality when in fact inequality, measured globally, is falling.
Read the Full Article: Source – ForbesRead More
Time For Truth: (Forbes) – Mark Carney's Right, Not Everyone Benefits From Free Trade And Globalisation - The Semi-Rich Don't
The U.S. is home to a working class suffering from stagnant incomes and declining job prospects—widespread struggles that helped elect Republican Donald Trump. The relative wealth of Americans in all age groups keeps falling, compared with previous decades.
Read the Full Article: Source – BloombergRead More
Time For Truth: (Bloomberg) – Cheer Up, America: 1,700 Millionaires Are Minted Every Day
Black and ethnic minority people in Britain still face “entrenched” race inequality in many areas, including education and health, a watchdog warns.
A review by the Equality and Human Rights Commission, which also looked at employment, housing, pay, and criminal justice, found an “alarming picture”.
Read the Full Article: Source – BBC NewsRead More
Time For Truth: (BBC News) – Ethnic minorities face 'entrenched' racial inequality - watchdog
The presidential race pervades the cocktail parties of the wealthy who visit the Hamptons, the summer haven of Manhattan’s rich, and the workplaces of the permanent residents who serve them. The conversations rarely overlap.
Stars of Wall Street and Hollywood who enjoy the beaches, hedge-rowed estates and $100,000-a-month rentals talk about income inequality and expanding economic opportunity. Residents who provide the seaplane set with everything from lobster to massages rail against over-regulation and worry about the country’s direction.
Over the last several years “inequality” has become a popular buzzword. Politicians (of all people) fancy themselves as mechanics who will turn a few wrenches, push a few buttons and fix the inequality problem. Of course, they can do nothing of the sort, no matter how positively they portray their wrench-turning and button-pushing credentials.
Is there an “inequality” problem? Well, that depends on how “inequality” is defined.