Bad to worse

Dean Baker: "The argument for conservative economic policy was always that by giving people more incentive to work and invest, productivity would grow more rapidly, and that this would benefit everyone in the long run. It turns out, even with the massive upward redistribution of income over the last quarter century, productivity is now growing at its slowest pace in the post-war period. In short, we are not seeing much growth and the growth we are seeing is going to those at the top."