The European nation which recorded the largest decrease in income inequality between 1985 and 2008 was Greece, a nation facing economic calamity. In calling for higher taxes and more regulations to manage its sprawling welfare state, its economy slowed and the government became constrained by reality — either it could pay down the debt or put more money in the pockets of the poor, but it couldn’t do both. Now, a debt crises threatens to tear the country apart.
And yet, a number of American malcontents, who believe they have been insufficiently rewarded by the capitalist system, are demanding federal action to “solve” wealth inequality by insisting on higher taxation combined with new regulations of the labor and capital markets.
Sen. Chris McDaniel