Our inequaltiy is going to ruin America

Paul Krugman: We live in the most unequal society ever, and it's only getting worse (Click here to read more)

By Travis Gettys
Thursday, April 17, 2014 11:14 EDT
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Americans may be living in the most unequal society that has ever existed, said economist Paul Krugman.
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The New York Times columnist and Princeton University professor said Thursday there is zero evidence to suggest extreme inequality is good for economic growth but plenty to suggest it's not.
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"Nobody wants us to become Cuba (but) the question is, do we have to have levels of inequality that are getting close to being the highest levels anywhere, ever," Krugman told Bloomberg News. "We're really starting to set new records here. Is that a good thing for anybody?"

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The Nobel Prize winner said this troubling trend began around 1980, when President Ronald Reagan was elected and began implementing supply-side economic policies that promised more wealth for everyone if tax burdens were lifted for the rich.