Great blog post from the NY Times on how income inequality is lower that conventional wisdom thinks.
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The argument expressed in the NY Times is weak.
If previously a super rich makes 1000x the pay rate of a poor person 10 years ago, and now they make 1500x the pay of a poor person, how is income inequality not worse?
Only the rich man cares how much the price of a mansion in the Hamptons or Lamborgini has changed? I am sure the poor man only sees the multiple of superrich CEO pay vs. the pay of the janitor. This multiple has significantly worsened.
Seriously, the janitor doesn’t care about the price of the ridiculous things the ultrarich spend their money on.