Questioning Biden's Inequality Narrative

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Read the Transcript The Upside of Inequality: How Good Intentions Undermine the Middle Class By Conard, Edward Buy on Amazon

Back in 2017, Former Bain Capital partner Ed Conard joined the show to tackle one of the most persistent myths of our time – that inequality is unilaterally a bad thing, which must be fixed through redistribution and other government intervention.

This myth is rearing its ugly head again with Biden’s tax-and-redistribute policies surging.

Last time he joined the show, Conard explained how so-called solutions to inequality typically harm the poor and particularly undermine the middle class, by slowing the growth they both depend on for rising standards of living.

Many cite Europe as an example of a more just and equal society without considering the toll that heavy redistribution has taken on their economy. Consider some inconvenient facts about inequality and innovation from Conard – now an American Enterprise Institute fellow – who notes how "shockingly little" Europe has contributed to global innovation of late:

• Apple alone is worth more than the 30 largest companies in Germany.

• America is producing five times as many billion-dollar startups.

• U.S. productivity, as measured by GDP per hour worked, has grown 50 percent faster than Northern Europe’s since 2000, and three times faster than Southern Europe’s with demographics similar to America.

Perhaps the lazy European stereotype was correct all along. But who can blame them given the incentives they face?

Ed returned to the program this Sunday to discuss the innovation-dampening effects of "soak-the-rich" policies we can expect under Biden. Conard has authored a chapter of a new book, United States Income, Wealth, Consumption, and Inequality, in which he takes on the myth that most inequality is driven by cronyism – arguing instead that at least some inequality is a part of the overall package of American innovation.

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Links:

• Income inequality isn’t all bad… is it? A long-read Q&A with Ed Conard | American Enterprise Institute - AEI, Oct. 28, 2016

• Five Questions for Ed Conard on Capitalism, Taxes, Billionaires, and More | National Review, Aug. 21, 2020

• Free Chapter, "The Economics of Inequality in High-Wage Economies," (Oxford University Press) by Edward Conard, from United States Income, Wealth, Consumption, and Inequality

• Taylor: The money talk we should be having

Social Media:

• Edward Conard (@EdwardConard) / Twitter

• Edward Conard - Top Ten New York Times Bestselling Author on Facebook

VIDEO:

• Ed Conard on The Daily Show with Jon Stewart - Edward Conard

• Official Stats Overstate Poverty by Measuring Before $1T in Government Spending on "Just the News" - Edward Conard

• Lies, damned lies, and Steve Rattner’s statistics | American Enterprise Institute - AEI

Related Shows (Subscribe to the Podcast):

• Debunking Inequality Myths with Ed Conard

• *Equal is Unfair* with Don Watkins August 28, 2016

• Inclusive Capitalism: Economic Savior or Socialism in Disguise? February 14, 2015