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Economic Inequality
A minimum step forward
A minimum step forward

It should surprise no one that President Barack Obama has been turning his attention of late to income inequality. In a speech last week and in a follow-up interview with The New York Times, he fretted about the widening gap between the wealthy and the middle class, the nation's "fraying" social fabric and how it might worsen racial tensions. Those are legitimate concerns. As much as the economy has improved during Mr. Obama's time in the White House, the recovery has not produced sufficient jobs or income growth. People who are struggling are more inclined to feel resentment toward others, an antipathy often felt most keenly by blacks and immigrants. There is no...