Abstract
Does Political Dominance Impact Economic Inequality?
Highlights
While economic inequality is unequivocally just that, an economic problem, it is a political issue, and some would argue a philosophical issue
We find that Republican presidents preside over epochs of increasing inequality and Democratic presidents seemingly preside over time periods when economic inequality decreases
The unanswered question is why? Our results show Democrats tend to preside over epochs when economic inequality declines, yet those in the poorest states, the “red” states, vote for Republican presidential candidates
Summary
While economic inequality is unequivocally just that, an economic problem, it is a political issue, and some would argue a philosophical issue. “The great traditional oppositions - Republicans versus Democrats, right versus left, conservatives versus socialists - become purely abstract, tied to a bygone era, for these supposed divisions rest on the same conviction, the same political and economic basis All these divisions are traversed, undermined, and annulled by the fact, recognized by every politician and by every government, that, as far as the future of humanity is concerned, there exists one and only one path, that of global capitalism.”. Economists have had relatively little to say on how political parties have influenced the size distribution of income in the U.S over time Recent work on this topic has been primarily the purview of political scientists. Republicans counter that argument with the mantra that, “a rising tide lifts all boats.” But are these conventional beliefs true? We explain our modeling strategy to examine these issues
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