Evening Must-Read: Justin Wolfers Explains the Latest Chetty et al. Piece on Lack of Mobility
Difficulties of Having Policy Negotiations Today: Outsourced to Kevin Drum and David Weigel

Morning Must-Read: Mark Schmitt and Jared Bernstein on Why Inequality Is a Problem

Jared Bernstein: Mark Schmitt on Inequality:

Mark Schmitt...[:]

…it’s not that [inequality is] anything less than “the defining challenge of our time”.... Rather, it’s too defining, too large.... too sweeping and cluttered to lead to useful solutions....

Also... it’s not the case that any level of economic inequality is problematic. Every economic system distributes.... When someone raises the issue as problematic these days, they’re really saying something about historically high levels... [and] the impact of these levels on something else...

To Mark, and I agree, this latter point about the impact of our inequality problem points toward framing the problem is ways that lead to potential solutions.... We need a way to talk and think.... Where, in the current debate, is there a real, comprehensive explanation, a plausible solution that would have a real impact on inequality, and a potentially broad coalition, one that includes the dimensions of inequality that even skeptics purport to worry about? [Mark Schmitt] thinks money in politics is a compelling candidate....

I like his choice but I think full employment might be even better.... What say you, Mark?  I’ll tell you what: let’s get money out of politics and then get the jobless rate down to 4%.

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