Phil Gramm is a nonresident senior fellow at the American Enterprise Institute and vice chairman of Lone Star Global Acquisitions, since December 2012. An economist by training, he was vice chairman of UBS Investment Bank from 2002 to 2011. Gramm represented Texas in the U.S. Senate from 1985 to 2002 as a Republican and served in the U.S. House from 1979 to 1985 as a Democrat. He chaired the Senate Banking Committee. His legislative record includes the Gramm-Latta Budget, which reduced federal spending and mandated the Reagan tax cut, and the Gramm-Rudman Act, which constrained federal spending. Early in his career, Gramm taught economics at Texas A&M University and founded an economic consulting firm. He has published articles and books on subjects including monetary theory and policy.
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If one dives deeply into the statistics, the American Dream is actually quite alive and well. In his provocative book, The Myth of American Inequality, former U.S. senator Phi...