Piketty: Don’t make the poor richer, make the rich poorer

Stossel drives me nuts even when I agree with him. Like too many libertarians, he doesn’t always see the forest for the trees when it comes to some key issues, especially those related to transportation, but with this whole Piketty circus, he’s on the mark.

Economists at Harvard and Berkeley crunched the numbers on 40 million tax returns from 1971-2012 and discovered that mobility is pretty much what The Pew Charitable Trusts reported it was 30 years ago. 

Today, 64 percent of the people born to the poorest fifth of society rise out of that quintile—11 percent rise all the way into the top quintile. Meanwhile, 8 percent of people born to the richest fifth fall all the way to the bottom fifth. Sometimes great wealth makes kids lazy and self-indulgent, and wrecks their lives

Also, the rich don’t get rich at the expense of the poor unless they steal or collude with government. The poor got richer, too.

via Debunking Popular Nonsense About Income Mobility in America – Reason.com.