There’s a popular sentiment that’s present in many circles across America. The “rich” are the bad guys who plot against the common American to keep us down. In some cases, this is actually true; wealth has been used by many throughout history to buy favors, subvert prosperity for the economic middle- and lower-classes, and steer governments to do things that benefit them while hurting others. But corruption is much less of a driving force for the hatred towards the rich than envy. Few people would take the “moral high road” and turn down opportunities that would allow them to be rich. Just ask Bernie Sanders.
But this envy of the rich is manifesting into something much more dangerous than we’ve seen in the recent past. Senator Elizabeth Warren, a top contender for the Democratic nomination for president, has built her campaign around offering as much free stuff as possible and claiming that she’ll pay for it all through her wealth tax, which she currently proposes as 2% on any household with more than $50 million and 3% on any household worth more than a billion dollars. It’s a yearly tax that is designed to help her get elected. It isn’t designed to work, and either she knows this but hopes the people won’t see it, or she doesn’t realize it and she’s an idiot.
Wealth taxes have never worked. They hamper the ability of actual job-builders to build jobs. They also incentivize the rich to take their money elsewhere, which has a cascading effect on the economy when done in bulk. But perhaps most importantly is that the revenues projected to be generating from them never come to pass.
The saddest part is based on Warren’s own calculations of how much revenue she’ll generate compared to non-partisan estimates of how much her proposals will cost, it isn’t even close. We’re not talking about being off by millions, billions, or even trillions. If she gets her way, we’ll experience a budget shortfall of tens or even hundreds of trillions of dollars over a decade. This isn’t insignificant, but it may be part of the plan.
Who would plan for economic collapse? Someone who wants to install Modern Monetary Theory in America. That’s the only realistic conclusion that one can come to unless we’re to believe she’s a total liar. And that’s possible. She could be so eager to be a one-term president that she’s willing to make promises she knows are impossible to keep. But more likely, she’s going to try to keep those promises by taking us down a path in which we print money to pay our bills, leading to hyperinflation and the total collapse of the United States of America as a viable nation.
If that happens, she’ll have the ultimate form of socialism in which everyone is suffering equally. Well, everyone other than the elite.
This video by Reason breaks down other examples of hour Elizabeth Warren’s proposed wealth tax is either based on ignorance, deceit, or both. Her calculations are off by a few decimal points, but in a post-truth society, Democrats don’t care.
We are currently forming the American Conservative Movement. If you are interested in learning more, we will be sending out information in a few weeks.
[gravityform id=”2″ title=”true” description=”false”]