By Max Zahn and Andy Serwer
Rep. Alexandria Ocasio-Cortez, D-N.Y., left, looks over her notes during testimony by Michael Cohen, President Donald Trump's former lawyer, before the House Oversight and Reform Committee on Capitol Hill in Washington, Wednesday, Feb. 27, 2019. Sitting next to Ocasio-Cortez is Rep. Ayanna Pressley, D-Mass.,
Democratic Congresswoman Alexandria Ocasio-Cortez (click here) is right about the negative effects of inequality but wrong when she says a society with billionaires is an immoral one, said Allianz’s chief economic adviser, Mohamed El-Erian.
“If you create Facebook in your dorm, of course, you should be a billionaire,” El-Erian said, adding that wealth inequality is “a good thing — you incentivize.”
But El-Erian said he agrees with New York’s Alexandria Ocasio-Cortez about how the gap between rich and poor unfairly narrows economic opportunity for many Americans.
“We're going to risk a major alienation and marginalization of part of our country, which is a real problem,” he said....
