Inequality Is Bad For the Economy
A who’s-who’s of prominent economists in government and academia have all said that runaway inequality can cause financial crises:
- Andrew Berg (IMF economist)
- Jonathan Ostry (IMF economist)
- Marriner S. Eccles (Federal Reserve chairman from 1934 to 1948)
Indeed, extreme inequality helped cause the Great Depression, the current financial crisis … and the fall of the Roman Empire.
It’s not just liberal economists who say this … many conservatives say the same thing.