Issues of inequality, fairness, middle-class living standards and job creation have been central to the US presidential campaign.
Rightly so. For many years, the incomes of all groups tended to move together. Indeed, as a graduate student in the late 1970s, I was taught that it was a “stylised fact” that the shares of US total income going to profits and to wages, and to the rich and to the poor, was constant.
All of this has changed. It is totally appropriate that widening inequality and the associated stalling of middle-class living standards should become an urgent political issue.
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