The Myth of America’s Golden Age

“Because the less wealthy consume a greater share of their income than do the rich, they expand demand when they have more income. When demand is expanded, jobs are created: In this sense, it is ordinary Americans who are the real job creators. So inequality commands a high price: a weaker economy, marked by lower growth and more instability. It is not very complicated.”

Link: The Myth of America’s Golden Age

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