"Speaking to NBC's Tom Brokaw on Sunday, Obama laid out his views: "It turns out," he said, "that our economy grows best when the benefits of the economy are most widely spread. And that has been true historically."
He followed up by saying, in the last 15 years or so, "You've seen a huge shift in terms of resources to the wealthiest and the vast majority of Americans taking home less and less. Their incomes, their wages have flatlined at a time that costs of everything have gone up, and we've actually become a more productive society."
Our new president might want to talk to some of his sterling economic advisers about this, because he got virtually all of it wrong.
Start with the notion that our economy grows "best" when its benefits are most widely spread.
In fact, America's fast-growing economy has always bred differences in income. Some people are smarter, more talented, better educated and trained, or more entrepreneurial. In a free-market society — or relatively free, anyway — they'll do better. But they make the rest of us richer, too. We may envy them, but we're better off...MORE
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