A Wall Street firm, Goldman Sachs, released a paper July 6 about the unequal distribution of income in Euroland, Japan, and the US. Rising inequality, the paper notes, "can affect the long-term growth prospects of an economy, as well as the way an economy behaves throughout the [business] cycle." It sees a risk that more inequality could lead to protectionism, which would hurt global trade, and thus do "more damage than good." The best medium-to-long-term answer to rising inequality is better education, the firm suggests, something that can't be engineered overnight.
I wonder why? Oh, now I remember, to bet against the country, ran off with the money in 2008, setting the stage for the financial collapse.
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