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| Bernie Sanders and Elizabeth Warren, wealth-haters |
It's open season on wealth and those who create it. Candidates for the Democratic presidential nomination like Sen. Bernie Sanders, for instance, say that "Billionaires should not exist" and the wealth disparity in America is "a moral and economic outrage." California businessman Tom Steyer — who happens to be a billionaire — says that "Senator Sanders is right," while Sen. Elizabeth Warren laments the "extreme concentration of wealth" in America.
They all call for both a wealth tax and a massive increase in government spending in order to fix this inequality and restore "social justice" in America. In doing so, they demonstrate how little they understand economics.
For starters, wealth inequality is a very poor measure of unfairness in our society. Speaking at the Peterson Institute recently, economist and former Treasury Secretary Lawrence Summers correctly made the case that a change in wealth inequality would have little impact on the concentration of political power.
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