In reality, any major state role in leveling income/wealth differences contributes to the erosion of economic freedom, which is the true engine of economic progress for us all. James A. Dorn, senior fellow at the Cato Institute, warns that government policies “can widen gaps between rich and poor through corporate welfare, unconventional monetary policies that penalize savers while pumping up asset prices, and by imposing minimum wage laws and other legislation that prices low-skilled workers out to the market and thus impedes income mobility.”
Mr. Dorn writes that throughout history, governments have discriminated against the rich, which ultimately harms the poor. There is no substitute for private entrepreneurs. Government bureaucracies do not widen choices or increase income mobility. “When state powers trump free markets, choices are narrowed and opportunities for wealth creation are lost.” Read more from Mr. Dorn, who says that most Americans feel that economic growth is far more important than penalizing or capping incomes on the rich.
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Debbie Young
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