It's income mobility that matters, not income inequality

"Young people are exploited!" "Income mobility is down!" "Poor people are locked into poverty!" Those are samples of popular nonsense peddled today. Leftist economist Thomas Piketty's book "Capital in the Twenty-First Century" has been No. 1 on best-seller lists for weeks (with 400 pages of statistics, I assume "Capital" is bought more often than it is read). Piketty argues that investments grow faster than wages and so the rich get richer far faster than everyone else. He says we should impose a wealth tax and 80 percent taxes on rich...