Wealth, it should be remembered, can be more than just material success. Both Democrats and Republicans have signed on to the idea that general economic growth can both reduce poverty and income inequalities. World growth and the poor And globally, too, more nations now understand that a healthy economy raises rich and poor alike. A recent World Bank study of 80 nations over four decades found that the incomes of the poor go up as much as the incomes of everybody else in a growing economy. And global growth, driven by open trade, reduces inequality among nations.
Wealth rises for all when economic growth rises.
Poverty has not disappeared, but its dramatic decline in the US helps put the new wealth in perspective. The Christian Science Publishing Society. All rights reserved.