The quality of economic analysis from politicians is never good, but it becomes even worse during election season.
The class-warfare rhetoric being spewed by Bernie Sanders and Hillary Clinton is profoundly anti-empirical.
Our leftist friends genuinely seem to think the economy is a fixed pie and that it’s their job to use coercive government power to reallocate the slices.
The only real quandary is whether Bernie’s sincere demagoguery is more disturbing or less disturbing than Hillary’s hypocritical attacks on the top 1 percent.
Since I mentioned that the left’s rhetoric is anti-empirical, let’s look at the evidence.
I’ve previously shared very detailed IRS data showing that the so-called rich pay a hugely disproportionate share of the tax burden.
Let’s augment that analysis by perusing some data on income mobility.
Writing for Money, Chris Taylor explains that America is not a land of dynastic wealth.
…70% of wealthy families lose…
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