Economists have seriously failed the public in important areas over the last three decades. And these failures played a role in fostering the upward redistribution of income over the last four decades. People have a right to be angry.
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It is the purpose of this article to relate how this creeping stagnation has added its own force in contributing to the monopoly power associated with consolidation and to current wealth disparities.
The rich are growing astronomically richer while poverty reduction has ground to a standstill. In today’s world of widespread poverty and unprecedented wealth, how about raising the wages of the most poorly-paid workers?
Washington state beat back efforts to repeal both a capital gains tax and a payroll tax that funds long-term care insurance. Illinois voters showed support for a tax hike on millionaires. Three red states passed paid leave.
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