American Enterprise Institute economist James Pethokoukis:
- People don’t care about inequality. They would rather have opportunity.
- Many extremely useful consumer products exist only because initially there were rich people who could afford them (e.g., automobiles, cell phones, etc.) In time the cost comes down and they are available for everyone. No rich people, no car. No cell phone.
- Economist William Nordhaus has found that innovators (despite their becoming billionaires) only capture a small fraction, 2.2 percent, of the social value created by their technological advances, with the majority of benefits going to consumers.
- There has been no significant increase in inequality of income over the past 40 years.
- There has been no significant increase in inequality of wealth over the last three decades – especially if you include Social Security wealth.