Alan Reynolds has a new book out entitled Income and Wealth that utterly annihilates the leftist case that there is some great problem with the widening “wealth gap.” Reynolds shows that the statistics used by the crisis-mongers are badly misleading, arguing that if you look at consumption spending things are improving for everyone.
In last Sunday’s New York Times, toward the end of an otherwise good piece on the life of Milton Friedman, said this:
“Growing evidence suggests average workers are not seeing the benefits of their productivity gains — that the market is broken and requires heavy government correction. Friedman’s heirs have been avoiding this debate. They’re losing it badly and have offered no concrete remedies to address this problem, if it is a problem.”
Well, Reynolds has not avoided the debate and demonstrates beyond doubt that there is no problem.