Another reason I’m optimistic the U.S. won’t tolerate widening inequality much longer: Even the giant credit rating agency Standard & Poor’s now says inequality is hurting the economy. In a report released yesterday, S&P analysts cut back their forecast for future economic growth in the U.S. because, they said, widening inequality is reducing the purchasing power of the vast middle class and stifling the productivity of the poor. Add in recent warnings from Lloyd Blankfein, CEO of Goldman Sachs, and Bill Gross, CEO of Pimco, the largest bond-trading firm in the world, and you begin to get the picture: Corporate America sees widening inequality hurting its bottom line. Never underestimate the power of greed to motivate positive social change when more money can be made supporting what’s just than defending what’s unjust.
Posted on: Thu, 07 Aug 2014 15:09:16 +0000
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