George Gilder - Forbes ASAP Message Board

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Technology Stocks : George Gilder - Forbes ASAP

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To: Hiram Walker who wrote (144)	10/2/1997 6:02:00 PM
From: George Gilder	of 5853

I do not agree that wages and benefits have declined over the last twenty years in what you call lower middle class (fourth quartile, let's say). That figure is based on underestimation of inflation in the late 1970s and overestimation today. Consumption spending in the bottom quintile is 1.9 times reported income. If we maintain a tax system like ours, there will be a large underground component of income. As for perceived "inequity," that is a psychological problem and I very much doubt government can do anything about it. But in rectifying perceived inequities, government may well increase real poverty, family breakdown, and unemployment.

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