Tags: Zuckerman | government | income | business

Zuckerman: Income Inequality Isn't the Problem, Income Inadequacy Is

By    |   Monday, 03 March 2014 12:21 PM

While much of Washington's focus is now centered on income inequality, that's not the real issue, says Mort Zuckerman, chairman of U.S. News & World Report.

"Income inequality isn't so much the problem as income inadequacy," he writes in The Wall Street Journal.

"A more robust economy, stoked by growth-oriented policies from Washington, would help produce the jobs and opportunities that millions of Americans need to climb the economic ladder."

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So what's limiting the economy at this point?

"Government has diminished animal spirits by displaying a hostile attitude toward business," Zuckerman argues.

"That attitude is evident in everything from excessive corporate taxes to the incompetence and dishonesty of the Obamacare rollout. Government is perpetually establishing economic policies and rules that business perceives as overregulation, dampening the willingness to invest."

Education is the crucial ingredient to providing more and better jobs, Zuckerman maintains. Unemployment is three times higher for those without a high-school diploma than for those with a college degree, he notes.

Many top technology jobs across the country can't be filled, because companies can't find skilled workers, Zuckerman explains.

"When technology jobs go begging, we inhibit startups in a field where each new job creates another five in the nearby community. As Enrico Moretti points out in 'The New Geography of Jobs,' a half-million new tech startup jobs translate into 2.5 million other new jobs."

Morris Beschloss, a columnist for The (Palm Springs, Cal.) Deseret Sun, is dismayed with government policy too. He puts the blame on Democrats in Washington.

"Why is America's post-recession rate exhibiting an increasingly lower growth at a time that technology breakthroughs and employment numbers have shrunk, with wages and benefits at a standstill?" he asks.

"It's obvious that the Obama Administration and its congressional allies have generated production hurdle policies, while passing no legislation to make America's superb workforce more productive."

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Economy
While much of Washington's focus is now centered on income inequality, that's not the real issue, says Mort Zuckerman, chairman of U.S. News & World Report.
Zuckerman,government,income,business
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2014-21-03
Monday, 03 March 2014 12:21 PM
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