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How Inequality Distorts Economics
The growing global concentration of wealth has made basic data on household savings, the trade deficit, and overseas assets increasingly unreliable.
One of the urgent challenges facing the Biden administration is reversing the ever-worsening maldistribution of wealth.
- Fred Block
- Dissent
The more billionaires we have, and the more zeroes added to the net worth of Elon Musk, Jeff Bezos, and Mark Zuckerberg, the less there is for everyone else.
The only way to lift people out of poverty and economic insecurity is to claw back money from the very wealthy.
But there is a political imperative as well. Oligarchic wealth is deeply destructive of democratic…