MSNBC host Lawrence O’Donnell argued on Tuesday that a new report highlighting the damage income inequality does to Wall Street should change the debate around the subject by excluding morality in favor of economic self-interest for the wealthy.
“Worrying about income inequality is now way too important to be left to the liberals, according to this Wall Street report” O’Donnell said.
As the New York Times reported, the study by Standard & Poor’s Ratings Services found that the rise of income inequality in the U.S. has damaged the growth of the country’s gross domestic product, to the point that Standard & Poor’s downgraded the country’s projected growth rating over the next decade from 2.8 percent to 2.5 percent.
“We see a narrowing of the current income gap as beneficial to the economy,” the report stated. “In addition to strengthening the quality of economic expansions, bringing levels of income inequality under control would improve U.S. economic resilience in the face of potential risks to growth.”
O’Donnell further argued that the massive gap in income distribution hurts those at both the top, since their disposable income is less likely to be put back into the economy.
“If you have all the houses you think you need and all the yachts you think you need and all the private planes you think you need and you still have tens of millions of dollars left over, and tens of millions of dollars of new income coming in next year, then very little of your new income is going to be used for new spending, and the economy always needs new spending,” he said. “And in the lower end of the income scale, where people have no savings and not enough money to make ends meet, they have to cut back on their spending. Long-term, those two conditions can strangle the economy.”
Watch O’Donnell’s commentary, as aired on Tuesday, below.
CNN’s John Avlon slams Bill Barr’s lifelong career of ‘radical’ hypocrisy
On Wednesday, CNN fact-checker John Avlon laid into Attorney General William Barr's agenda, breaking down his history as a hardcore partisan who adopts whatever beliefs are necessary to silence the left.
"Ten months into his tenure it's clear Bill Barr is one of the most radical and partisan attorney generals in American history," said Avlon. "In statement after statement, Barr seems to show he believes the attorney general should function as the president's personal lawyer. He cut a critical sentence and a half, hiding the first part that said Russia worked to secure a Trump presidency and the campaign expected it would benefit from their interference. On Monday, after Barr's own inspector general concluded there was no spying on the Trump campaign, Barr slammed the report on the president's behalf."
Ex-Bush official shreds Barr for serving Trump’s ‘authoritarian’ ambitions
MSNBC's Elise Jordan busted Attorney General William Barr's hypocrisy on surveillance.
The "Morning Joe" contributor and former White House official in the George W. Bush administration, where Barr also served -- and helped build the surveillance state before going on to work for telecommunications companies that turned over customer data to the government.
WATCH LIVE: Justice Dept inspector general testifies in Senate about FBI-Russia report
Justice Department inspector general Michael Horowitz will testify on Capitol Hill on his new report detailing the origins of the Russia probe.
The report criticizes FBI officials for making errors at the start of the investigation but concluded those errors were not intentional acts of political bias, and Attorney General William Barr immediately questioned Horowitz's finding that the probe of President Donald Trump's 2016 campaign was justified.
Horowitz will testify Wednesday starting at 10 a.m. before the Senate Judiciary Committee.