Piketty - The Left’s latest tactic is to claim that capitalism is producing a new age of inequality.

Ten truths about the inequality debate

BY TIM MONTGOMERIE

1. Inequality is only the Left’s latest weapon against capitalism 

2. Whatever may be happening in advanced nations, inequality is declining across the world as a whole

3. Voters are more interested in tackling poverty than inequality

4. Contrary to Piketty’s one-sided view, there are many factors reducing inequality as well as increasing it

5. We must recognise the non-economic components of inequality

6. The OECD admits that redistributive policies can be counter-productive

7. Regardless of whether inequality is increasing or decreasing, public spending is poorly targeted

8. People with economic power shouldn’t be allowed to buy political power

9. We should tax consumption, assets and inheritance more, and income less – but we shouldn’t tax more overall

10. Public policy should ensure more people have a stake in capitalism

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