The "Earnings" Gap

Becker and Posner argue persuasively in these back to back posts that income inequality is a) a sign of healthy economic returns and b) not the social problem it is cracked up to be. I wonder though if in a few decades part b) will still be true? As the population grows and our representation levels in the federal government continue to decrease, there will be, at least literally, an "aristocratic" element in American society. Those who can afford lobbyists and big campaign donations will be represented, even moreso than now, while those who cannot will not be represented. I can see such a state of affairs, if allowed to persist, resulting in a rather ugly class schism.

But for now, and for much of the foreseeable future, I agree with both posts. I can only hope that they will apply the same logic to the debate on high gas prices. Though somehow I doubt it. Kudos to Posner for also pointing out the cynical way in which many political groups purposely confuse the issue between poverty and income inequality. I can hear little Johnnie Edwards already using the line.