But the bottom line is that a larger number of people are willing to pay a considerably larger price to watch college football than they are to listen to me discuss wage disparities and income inequality in my Principles of Microeconomics class.

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Who among us is willing to tolerate high unemployment, anemic wage growth, growing income inequality, and to boot, a debt burden that is on track to equal the total output of the U.S. economy by the end of this decade?

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The book ranges widely: from a quasi-Malthusian discussion of the impact of limited resources to the more familiar territory of how wage competition from emerging economies influences income inequality.

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"With an increase of the millionaire's tax and a significant increase in the minimum wage, this budget takes strong steps to address income inequality, " said Michael Kink of the Strong Economy for All coalition of progressive groups.

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If we raise the federal minimum wage and demand the 1% pay their fair share to reduce income inequality, we will boost our economy, help small business grow and create jobs.

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Some of this inequality was addressed by the Labour governments through tax credits and the minimum wage, but the share of income going to the top 1% continued to rise inexorably, driven by the financial sector.

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