This topic has once again entered the current news with the Democratic nominee for NYC Mayor will do something about income inequality. I think that is above his pay grade and he will accomplish nothing unless he controls the cost of government and keeps NYC taxes the same or moving lower.
There is also this article on the topic in today's NY Times op-ed.
Link to Academic Analysis of Income Inequality
I posted the following comment on NYT in response to this article.
As I have preached to my son who recently entered the work force, you want to be part of the global economy. That is where employment will be most secure and there will be the most opportunity. For those who are not competitive in the global economy, there will be a loss of income.
If you are in the purely domestic economy, your income prospects depend upon how far your skills rise above the rest of the workers seeking their place in the economy.
I don't know what the government can do beyond promoting comprehensive education, a health insurance structure that makes our business competitive with the rest of the world (separating employment and access to health insurance), and prudent fiscal policy with a fair level of taxes for each income level.
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