Elizabeth Warren Has It Wrong: Billionaires Are a Good Thing

James Pethokoukis

Key point: Businessmen create massive companies that create astounding numbers of jobs.

Wealth inequality seems to have become a more important political issue than income inequality. It seems like almost every day, another superrich American is offering their thoughts on taxing the rich, generally, and Elizabeth Warren’s wealth tax idea, specifically. Helpfully, I recently podcast chatted with AEI economist Michael Strain about wealth inequality and what, if anything, public policy should do about. Here one key section from that long conversation:

Pethokoukis: One study says that the 400 richest Americans — which is the top 0.00025 percent of the population — has tripled their share of the nation’s wealth since the 1980s. That led wealth concentration to levels last seen during the Roaring Twenties. Another study finds that the wealthiest one percent of American households own 40 percent of the country’s wealth, which has also increased markedly in recent decades. Do you have any moral discomfort with those those numbers?

Read the original article.