Tax policy and redistribution do not solve the underlying structural problem of income inequality. Redistribution and tax policy are only temporary fixes. For a permanent solution, we need to focus on reducing the skills gap by increasing the skills of individuals at the bottom of the income distribution.

In a provocative article in Foreign Affairs titled “Who’s Afraid of Budget Deficits?” Jason Furman and Lawrence H. Summers argue that we should not worry much about the federal government’s large and growing budget deficits. While they admit that politicians and policymakers “shouldn’t ignore fiscal constraints entirely,” they say that they “should focus on urgent social problems, not deficits.”

The big news in Sacramento last week was California governor Gavin Newsom’s driving a stake through the heart of the Golden State’s troubled high-speed rail project. Well, not exactly . . .