The themes of inequality and the 1 percent dominate the news. Critics deplore that the share of pretax income accruing to those at the top has increased markedly over the past 30 years and is now greater than it has been since the 1920s.
It is suggested, too, that growth in income inequality has been a significant contributor to the current financial crisis and the slow recovery. President Barack Obama recently took this position, arguing that this is dragging down the economy. The Occupy Wall Street movement has been motivated by outrage over the gains of the top 1 percent and the nefarious consequences of this imbalance.
