Higher taxes on the rich actually wouldn’t lower inequality that much

Up isn’t down, black isn’t white, and higher taxes on the rich don’t do nothing about inequality. The question, though, isn’t whether they do anything — it’s how much they actually do. The answer might be less than you think. That, at least, is what William Gale, Melissa Kearney and Peter Orszag found when they simulated what […]

The average worker stops getting raises at this age

Most Americans will end up at 55 where they were at 35 — not in vigor or short-term memory, sadly, but in earnings. Recently researchers at the Federal Reserve Bank of New York announced some grim news: An impressive study of 200 million Social Security records going back to 1978 revealed that working Americans’ earnings […]

Why Hasn’t Democracy Slowed Rising Inequality?

During the past two generations, democratic forms have coexisted with massive increases in economic inequality in the United States and many other advanced democracies. Moreover, these new inequalities have primarily benefited the top 1 percent and even the top .01 percent. These groups seem sufficiently small that economic inequality could be held in check by […]

How Did the Democrats Become Favorites of the Rich?

Voters on both the left and the right often claim that there is no difference between the Democratic and Republican Parties, and of course that isn’t true. There’s a big difference between Elena Kagan and Antonin Scalia, for one thing. But there may be more to this argument than you think. Democrats now depend as […]