Is there really something terrible about the rich getting much richer, as long as the less rich are not getting any poorer, and indeed are seeing their standards of living rising over the long term, thanks to such things as Walmart, Amazon, iPhones, GPS, etc.?) …
[Kristof, in the end,] comes up with a list of possible ways to correct what might very well not need correcting, but would definitely put more money into the hands of the political class that Kristof represents (to be used, of course, strictly for the good of the poor and the downtrodden). Among these are: More government vigilance regarding monopolies and competition, strong trade unions, public-sector jobs at the minimum wage for such things as elderly care (has he checked with the unions for their opinion on this?), restrain pay at the highest levels (i.e. maximum-wage legislation), and a personal income tax that tops out at 65 percent.
Is there a single idea in there that post dates FDR, who died 70 years ago in a completely different economic universe? Indeed, most of them antedate the 20th century. Steeply progressive income taxes are straight out of the Communist Manifesto, published in 1848.
So hereâ€™s my list of ideas to lower the income inequality between rich and poor. They would actually help everyone except the political class:
Break up government monopolies, such as Medicare, the Veterans Administration, and, most important public school systems. Introducing competition into these areas of the economy is vital to improving them, because competition, and competition alone, produces hard work and innovation. Monopoliesâ€”private and governmentalâ€”are always fat, dumb, lazy, and devoted to maintaining the monopoly. The shortest route to prosperity for the poor and downtrodden is a good education and the inculcation of good work habits. They donâ€™t get that today and liberals donâ€™t give a damn. (One of the first things President Obama tried to do as president was end the school voucher program in Washington, D.C., as a thank you to the teachers unions, while sending his two daughters to a very expensive, and very good, private school: welcome to modern-day liberalism).
Introduce a flat tax, so that the private jet owners of the world canâ€™t finagle special deals with their congressional pals.
Abolish the corporate income tax. I wrote about the extraordinary benefits of doing this in the Wall Street Journal a few months ago. At least 90 percent of the tax fiddles and crony-capitalism government favors are hidden in the corporate income tax. Get rid of it and 60,000 lobbyists in Washington would need to go out and get wealth-creating jobs. Do you think private jet owners own their private jets personally? Of course not, their corporations own them and get a slew of deductions thereby.
Modern-day liberalism is about talking about helping the poor and downtrodden, while espousing policies that will only help the narrow and ever-more privileged elite of which liberals are the most vocal supporters.
Read the whole thing.