Dan Mitchell has another of his indispensable videos on economics from the Center for Freedom and Prosperity. This time, Dan goes after a staple of American politics — class warfare. Once thought mostly dead, this cheap populism arose again with a vengeance in 2008, at first fueled by John Edwards and adopted by Barack Obama. But as Dan points out, the data shows how damaging that kind of economic policy can be to standards of living, employment, and wealth creation:
Unfortunately, the next few years will provide a laboratory for a full-fledged pursuit of “soak the rich” economics, as if we didn’t have enough evidence of it from the 1970s and before. Videos like these will become more important as we remind people that all of the pain we will suffer from these policies will be entirely self-inflicted, which may create an even stronger impetus for the return of fiscal conservatism.