It turns out that my book review of Inequality Matters last week was especially timely. My work is at http://www.pww.org/article/articleview/8432/1/304/ .
On January 27, The Dallas Morning News ran their version of an AP article on inequality by states. It turns out that, based on wages, Texas is the second, after New York, most unequal nation in America! The low Texas wage of $14,724 compared with the high wage of $118,971 yields a ratio of 8.1, which actually ties our state with New York. The other most populous states, California, Ohio, and Illinois, weren't even in the running for this disgusting distinction!
To be really useful, an economic analysis would need to cover a lot more than wages. What, for example, if capital gains were figured in? Instead of looking at income, why not look at accumulated wealth? A far better understanding would result from using a historical materialist approach. Over the last 35 years, since Reagan was elected, how much more wealth has been piled up at the high end?
The results, as shown in the Inequality Matters book, are astounding!
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