Why Let the Rich Hoard All Our Toys? Kristof/NY Times

New York Times columnist Nicholas Kristoff views inequality as a central challenge for the United States today, one that our candidates for president should be giving far more attention. He gives a few snapshots to illustrate the seriousness of the problem:

The six heirs of Sam Walton, the founder of Walmart, own as much wealth as the bottom 100 million Americans.

In 2010, 93 percent of the gain in national income went to the top 1 percent.

America's Gini coefficient, the classic measure of inequality, set a modern record last month--the highest since the Great Depression.

This dismal ground is explored in an important new book, The Price of Inequality, by Nobel laureate Joseph Stiglitz. Stiglitz warns that "We are paying a high price for our inequality--an economic system that is less stable and less efficient, with less growth." America's inequality stifles both growth and employment. Excessive inequality amounts to sand in the gears of capitalism, creating volatility, fueling crises, undermining productivity, and retarding growth.

Read the article, published October 3, 2012:
http://www.nytimes.com/2012/10/04/opinion/kristof-why-let-the-rich-hoard-all-the-toys.html?_r=1