I’ve debated Robert Reich on issues such as tax havens, class warfare, and oil companies.
Those interactions apparently aren’t enough, though, since several people have asked me to debunk this Reich video.
But I had no desire to address Reich’s demagoguery, in part because I’ve already put together videos that deal with most of his basic points.
He wants higher taxes on investors, entrepreneurs, small business owners, and other “rich” taxpayers, but I’ve explained why he’s wrong on that issue in this video.
He claims to want a stronger middle class, but I’ve explained the keys to economic growth and Reich is on the wrong side of almost all of them.
He argues that spending has been cut back, but that’s factually wrong – and a strange argument since Reich was in the cabinet of the last President who actually did reduce the burden of federal spending.
So I hope you can understand why I didn’t want to spend time countering Reich’s video. But he has attracted more than 1 million views, which means it would be a good idea for someone to specifically debunk what he said.
Fortunately, Don Boudreaux of George Mason University has stepped up to the plate with this excellent video.
And if you want even more, here’s something I wrote on income inequality and here’s a debate I did on income mobility. Even better, here’s what Margaret Thatcher said about these topics.
[…] Don Boudreaux has explained, Reich is not a big fan of economic rigor and […]
[…] Don Boudreaux has explained, Reich is not a big fan of economic rigor and […]
[…] you can click this link to hear what one of my professors from grad school, Don Boudreaux, had to say about the notion that […]
reich would eat your cake in 5 minutes
he uses FACTS not blarney blabbering
This post I made at Dan Kuehn’s blog that got deleted is relevant. I’m addressing Arnold Kling but you’ll quickly see its relevance to Don Boudreaux:
“Colonel Kling! I remember you from the TechCentralStation days when you were working for Exxon. You and Soon and Ballyunas were climate deniers together. Still working for Exxon? If you’re looking for piece work, Mercatus is paying Tyler Cowen, Jerry Brito and Don Boudreaux as income inequality deniers. Brief policy papers for busy policy makers, amirite? Better hurry, I’m sure this gig will dry up in November.”
Screencap:
Congratulations Mr. Mitchell, you seem to have gotten your very own all caps shouting troll.
You must have hit a nerve.
1945-1980 BOTTOM 20% GAINED MORE, PERCENTAGEWISE, THAN TOP 1%.
1980-2007 TOP 1% HAD 281% INCREASE IN AFTER TAX INCOME
MIDDLE 20% HAD 25% OR A LOSS DUE TO INFLATION.
IT IS ABSOLUTELY IDIOTIC TO SAY OR BELIEVE THERE IS NO INEQUALITY IN AMERICA.
WHAT IS DISTRIBUTION OF NET WEALTH?
30–60-10? 20-70-10?? 40-50-10?
85-15-0
10% OWN 73% NET WEALTH AND 83% FINANCIAL WEALTH
80% OWN 15% AND 7%
HEAR JESUS SCREAMING “WHAT THE HELL?”
Excellent!!