What is the source of the wealth of a nation? That’s actually the question addressed by Adam Smith in “The Wealth of Nations.” Smith doesn’t put it in these exact terms, but his answer lies in some combination of hard work of the people plus figuring out how to work more efficiently through specialization and exchange.
And then there’s the other theory that the wealth just appears somehow, by luck or magic (or maybe by oppression of marginalized peoples). Which theory you buy into has everything to do with what you might think are appropriate public policies.
At Hot Air on October 16, David Strom embeds a clip of Bernie Sanders and AOC appearing together the previous day on CNN with host Kaitlin Collins. In the clip, Sanders launches into a rant, where he starts by declaring that in the U.S. we have a “housing crisis” and a “healthcare crisis” and an “education crisis.” And then he gets to this key quote:
We're living in the richest country in the history of the world. Right. Alright, you tell me why we're the only nation not to guarantee healthcare to all people. The only nation, not to guarantee paid family and medical leave. Why We have a $7 25 cents an hour minimum wage.
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