Episode 285: What's News in the Economy?

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Episode 285: What's News in the Economy?

August 02, 2022

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Taxing the Rich

For decades, politicians have turned Americans against each other with rhetoric about “taxing the rich”. While the politicians have worked the masses into a lather, promoting bills that supposedly forced the rich to “pay their fair share”, we all missed two extremely important facts. First, there is no such thing as “the rich” any more than there is such a thing as “the elderly”. Sure, there are people who, today, are elderly just like there are people who today are rich. But, a huge number of those who are poor today end up, through hard work and frugal living, becoming rich tomorrow. Most people eventually becomes one of the elderly. Similarly, many of the poor eventually become the rich, a large number of the middle class eventually become rich, and a goodly number of the rich eventually become poor. We are not a nation of “the rich” and “the poor”. We are a nation of people who have talents, educations, a desire to work, and a healthy though not debilitating fear of risk. All of us...

Economic Freedom and the American Experiment Antony Davies and James R. Harrigan, July 02, 2015 When Thomas Jefferson wrote the Declaration of Independence 239 years ago, he placed equality and liberty at the heart of the American experiment. His argument was at once philosophical and political: In light of one self-evident truth, equality, humans are by nature free. No one of us may govern but by the consent of those governed. Equality was simply a philosophical requirement; nowhere did he claim that it was of practical value. But in the 239 years since the American people declared their separation from Great Britain, it has become strikingly clear that liberty is, without question, of significant practical value. While good in and of itself, liberty brings with it so many other good things that, were it not a moral imperative, it would still be a fine idea. The Fraser Institute’s annual Economic Freedom of the World Report offers data to measure the practical effects of economic...

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Episode 285: What's News in the Economy?

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