Here’s how Biden administration could tackle economic inequality
By Karen Petrou
For all the talk of how President-elect Biden’s top economic advisers will advance economic equality, the team knows well that proposals, ranging from a wealth tax to wholesale overhaul of U.S. health and education policy, will be hard and slow going. However, inequality doesn’t pause — there was already disastrous U.S. data before the coronavirus pandemic widened the income and wealth gaps into a deeper abyss. Economic inequality is a proven cause of slow macroeconomic growth and of financial crises. In fact, the Treasury’s Office of Financial Research recently said that economic opportunity is essential to financial stability. It’s thus well within the ambit of the Financial Stability Oversight Council, which needs to establish an office of economic equality as soon as the Biden administration is open for business.