Thursday, March 27, 2014
Thomas Piketty In Six Charts
Jack Cassidy has made an effort to boil Thomas Piketty's story of inequality down to six charts. Obviously, Piketty's book of over 700 pages goes well beyond these charts. However, Cassidy may get his US audience more interested in the issues raised in the book by focusing attention of these charts which indicate the the US has become the most unequal society in history. It was once a much more equal society and but the rise in equality has been accelerated by the concentration of wealth in the US and the incomes from that wealth. Piketty's book is primarily about the rising contribution of wealth to income inequality. The US has the highest rate of income inequality because it is the wealthiest country in the world and that wealth is highly concentrated. As long as our tax system encourages wealth concentration income inequality in the US will continue to set historical records.