| Brazil is a country that has seen income inequality drop over the last decade. Unemployment is at near record lows. And the growth of the middle class is quite stunning. By most estimates, upward of 40 million people have been pulled out of poverty in the last decade; extreme poverty, says the government, has been reduced by 89 percent. Per capita income has continued to grow even as G.D.P. growth has slowed. BUT, our G.D.P. growth was more than 4 percent in the third quarter of 2013, and, of course, our productivity has risen relentlessly. But, despite the growth, unemployment won't go below 7 percent. And the middle class is slowly but surely being eviscerated à ‚¬" thanks, at least in part, to those productivity gains. Income inequality has become a fact of life in the United States Whatà ‚¬ „ s the point of economic growth if nobody has a job? |
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