“There is income inequality in America. There always has been and hopefully, and I do say that, there always will be,” said the former Pennsylvania Senator. “Why? Because people rise to different levels of success based on what they contribute to society and to the marketplace and that’s as it should be.”
I’m not sure I actually being in the ancient concept of “limited good,” but in an economy that is based on production of goods and capital, there is actually a limited amount of capital that can actually be produced (or should be produced, I mean, don’t ask the Federal Reserve about that). If Income Inequality is accepted, then it is possible that one person, or say, 400 people, could hold all the wealth and thereby limit contributions to society by others.
I don’t know how to fix it, because if you take away drive and competition, you are taking away a very basic human concept, but if you don’t limit the amount of capital that one can get, then you are indeed limiting the ability for everyone to achieve success.