Greenspan on Bill Clinton and Income Inequality
He (Clinton) had an eye for the big picture too, like the historic connection between income inequality and economic change. He believed dot-com millionaires were an inevitable by-product of progress. “Whenever you shift to a new economic paradigm, there’s more inequality”, he’d say.
“There was more when we moved from farm to factory. Vast fortunes were made by those who financed the Industrial Revolution and those who built the railroads.” Now we are shifting into the digital age, so we had dot-com millionaires.
Change was a good thing, Clinton said-but he wanted ways to get more of that new wealth into the hands of the middle class.
Text above is from the book — “The Age of Turbulence” by Alan Greenspan, Page no. 162.