Ep. 207 Krugman Embraces Warren, Discards Economics

5 October 2019     |     Tom Woods     |     8

Historian and podcast host Brion McClanahan joins Bob to discuss Krugman’s defense of Elizabeth Warren against the big bad plutocrats, who apparently are threatening to support Trump if she’s the Democratic nominee. Krugman dismisses the possibility that these wealthy people might oppose Warren’s wealth tax, and instead suggests that the real reason they hate Warren is that she hurt their feelings.

Krugman Column

“Warren Versus the Petty Plutocrats” (September 30, 2019)

Guest’s Podcast

The Brion McClanahan Show

Contra Columns

Mercatus Center analysis of Warren’s wealth tax

Mentioned Video

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  • davegrille

    The big losers on taxes are the working people who lose their jobs.

  • ProfessorBernardoDeLaPaz

    Not being the accomplished econometrician that Dr Krugman is, I won’t say with confidence, but I still suspect that a wealth tax might be overall more destructive than an income tax. If not of the economy itself, then certainly of civil society generally.

    Nobel notwithstanding (already tainted by the likes of Menachem Begin and Al Gore), Krugman’s acclaim as an “economist” puzzles me. Econometrics is simply journalism with math.

    • LP

      Absolutely correct that wealth taxes are worse than income taxes. We already have wealth taxes, they’re called property taxes, and they destroy generation-old family businesses. This, in turn, is incredibly destructive to civil society, as it discourages and outright prevents inter-generational saving and investment. Then **** like Krugman have the gall to complain about inter-generational poverty.

  • chad

    There is an additional hypocrisy from the left: the same people who want to steal wealth from the rich based on the argument “they don’t need it” are the ones who say government must fund large scale projects like space travel and utilities because private individuals/companies aren’t rich enough.

    If Elon Musk had his wealth stolen a decade or so ago Tesla/SpaceX/SolarCity would not exist now. We would still be dependent on the Russians for all space travel, electric cars wouldn’t be as popular and battery technology would not be competitive with fossil fuels.

    • mary sunshine

      Wow, I can’t believe this comment. Musk is a total fake. Electric cars are a ruling class attack on the middle class, and if you believe that spacex is genuine, I just don’t know what to say.

      The source of his “wealth” doesn’t make any sense. And all the money he has taken from his hoax companies is direct from the taxpayers. HELLO!!!

      • chad

        The point above isn’t about what Libertarians should think of Musk, only that the typical liberal who is for reducing dependencies on foreign rocketry, and improving battery/solar panel quality to reduce fossil fuel use shouldn’t make both the argument that individuals don’t need lots of money, and at the same time argue that since individuals don’t have enough money government needs to do these types of projects.

        However, I do think Musk is a great force of good in the world. He, like nearly everybody else, doesn’t have any problem with taking taxpayer money, and from a philosophical perspective doesn’t seem to mind that the state exists. He also seems like a troubled man in his personal life, and has some demons, again like nearly everybody else. But he has also changed the world so much for the better, and given hope in a lot of sectors where it was all but lost. Just by listing his personal achievements you are making the case for the individual.

  • Justin Alms

    Can you include the link to Krugman justifying not taxing his own wealth because the 1% was always really about the 0.1%?

  • Marxamillion

    I still don’t understand how a federal wealth tax is being discussed without mention of the Fifth Amendment, which expressly and literally forbids it. Can you explain if I’m mistaken?