Ever-Growing Income Inequality Is Bad For Economic Recovery

The United States is a consumer economy, meaning that consumers are the ultimate drivers of the economy. This is part of why growing income inequality is such a problem; it’s also why asking the poor and middle class to shoulder the bulk of the nation’s tax burden is a problem. According to the Wall Street Journal’s blog, the expiration of the payroll tax holiday pulled $9 billion out of the economy by sending that money to the government, and caused consumers to cut back on their spending. Retail growth was only 0.1% in January, compared to the 0.7% seen in November and December.

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