Class warfare

According to the NYTimes today, the bill, as absurdly inadequate as it is, is still at least a slowing of the income disparity, which has become increasingly massive since the 70s (think Reaganomics, trickle down theory, and its later avatars under Bush). Obviously, none of that wealth “trickled down.”

For all the political and economic uncertainties about health reform, at least one thing seems clear: The bill that President Obama signed on Tuesday is the federal government’s biggest attack on economic inequality since inequality began rising more than three decades ago.

Over most of that period, government policy and market forces have been moving in the same direction, both increasing inequality. The pretax incomes of the wealthy have soared since the late 1970s, while their tax rates have fallen more than rates for the middle class and poor.

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