In objecting to our op-ed on the importance of ensuring that financial advisors place their clients' best interest ahead of their personal profits, Dirk Kempthorne, the President and CEO of the American Council for Life Insurers, offers a misleading argument, built on a large, incorrectly cited number.
I would be dissatisfied with a society in which middle-class and lower-middle-class earners have no chance to better themselves. In my opinion, the opportunity for self-improvement is a fundamental human right. What's more, it's not just those individuals who lose out. When social mobility denied to any group, society loses a vast talent pool filled with people who could make things better for everyone.
The task before us in 2014 is nothing less than to find a route back to generalized prosperity amid the wreckage left in place by the collapse of the Reagan growth model and the rise of the globalized economy. The debate now underway about the relationship between full employment and income inequality is vital because progressives have to find -- and find quickly -- a set of economic policies that can credibly refute the sustained attempt by the GOP to take us back to the future. From conservative circles, we now face a coordinated campaign to intensify income inequality, to erode the welfare safety net, to undermine public services and to weaken still further already weak labor unions. For moral as well as for economic reasons, progressives have to challenge this conservative renaissance by developing a political program that explicitly and proudly combines job creation and inequality reduction, one that insists on greater income equality as the route to full employment.