Income Inequality: 'The Defining Challenge of Our Time'

We are in for three more years of increasingly shrill lectures from the president and his surrogates regarding the direst condition facing America today: income inequality. At the Center for American Progress, a very friendly venue for him, Mr. Obama declared, "I believe this is the defining challenge of our time." Others might be tempted to suggest that "fixing" ObamaCare or containing the Islamic Republic of Iran's nuclear ambitions should be "the defining challenge of our time," but rather than focus on the president's mere words, let's look at some numbers. As a rough measure of income inequality, the UN and World Bank and other entities rely on the Gini coefficient. You can read all about it here, but in a nutshell, a Gini ratio of 0 would mean there is a perfect equality of income, while 100% would mean one person in a society had all the wealth. As with anything else statistical, there are numerous ways to calculate Gini coefficients, but let's use the World Bank's numbers...(Read Full Post)