Economic growth = Income growth = Upward Mobility
This guest editorial in the Wall Street Journal was written by Robert Grady, who is a director of a private equity fund, the chief economic adviser to New Jersey Gov. Chris Christie, and chairman of the New Jersey Investment Council. In summary, he makes these points:
Count all sources of income – and tax payments!
Income should include government benefits such as Medicaid, Medicare and nutrition assistance, as well as corporate benefits such as health insurance;
The taxes people pay must also be factored in;
Once you look at the whole picture, you find that income inequality has actually declined. And, this conclusion was reached both by Columbia University economists as well as the Congressional Budget Office;
All classes are taking home more!
Real income has been increasing for all classes, especially the lowest income groups, and this has been tied to economic growth;
More entitlements will stifle growth for everyone
The growth of entitlement programs – including Obamacare – threatens future productivity and thereby economic growth.