How Policies Designed To Punish The Rich End Up Hurting The Poor

If you want policies that help the poor, they must be policies that also help the middle class and the rich.

I’ve repeatedly argued that faster growth is the only effective way to help the less fortunate.

Class warfare and redistribution, by contrast, are not effective. Such policies are based on the fallacy that the economy is a fixed pie, and proponents of this view fixate on inequality because they mistakenly believe additional income for the rich means less income for the poor.

Today, let’s look at some numbers that prove this fixation on inequality is misguided. The Census Bureau this week released its annual “Income and Poverty in the United States” report. That publication includes data (Table A-2) showing annual inflation-adjusted earnings by income quintile between 1967-2017….

>>> continue reading: How Policies Designed To Punish The Rich End Up Hurting The Poor

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