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Less equal, and fighting more

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Everybody is worried about increased income equality. It’s not just neo-socialists looking for new ways to tar capitalism, or Democrats searching for political energy or an excuse to tax their wealthy enemies. The increased economic polarization in the United States is genuinely something to fret over, because political instability and multi-generational hopelessness are not good for anybody.

“The main message is a grim one,” The Economist editorialized after looking at new statistics on American household income late last year. “Most…

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