Saturday, May 17, 2014

Clinton On Econ Inequality

...President Clinton is keenly aware of his economic record. The economy did spectacularly well during his years in office, but he has also been accused of setting the table for the 2008 financial collapse by loosening regulations on corporations
and, in essence, feathering the nests of the “1 percent.”
So what about that?
His response: “To reduce inequality, you have to have tight labor markets and a changing job mix,” he said. “That’s really the reason that, in the eight years I served, that each quintile of the American economy increased in tandem more than at any time since the mid-‘70s. And you can say, well, inequality has still increased, because the top 1 percent
did better, but I don’t think there’s much you could do about that unless you want to start jailing people.”

Cue awkward laughter in the room...

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