Without a formalized utility, making public policy is guided by topical and anecdotal outliers.
[This is the transcript of my regular KVMR commentary broadcast on 14 October 2015.]
Wealth inequality has been a topic of keen interest and agitation, and concerns about it seem to be increasing, especially with our left-leaning neighbors. Today terms like the ‘one percenters’ are common in any discussion about the economy and the direction our country is taking. Wealth inequality is one of many issues that divide us. People of a conservative bent explain that such an inequality is a natural result of people being different in their work habits, education, intellect, willingness to tolerate risk, and so on. All of these attributes coupled with today’s acceleration of technology create work environments and opportunities where people with such characteristics can make more money than those who lack them.
However, folks on the left are convinced that the unequal distribution of wealth is the result of richer people screwing the poor, and all of that is due to bad public policies which government can mend. As we saw in a recent letter to our local Union, there are many out there who believe that enterprise and entrepreneurship in America fundamentally do not work to benefit society, and have been barely tamed through vigorous application of collectivist remedies under the regulatory umbrella of a caring government.