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'Income redistribution is not an economic growth plan': Economist blasts Dems' attacks on wealthy
Published November 11, 2019
Sen. Elizabeth Warren, D-Mass., put America's billionaires front-and-center on the campaign trail last week and mocked those speaking out against her proposed wealth tax.
"Boy, there are some billionaires who don't like this," Warren said Friday in Goose Creek, South Carolina. "I think I hurt someone's feelings... This is sad. So... people are saying, 'Oh, I'm just mean to the billionaires."
Among those speaking out against Warren's proposals last week were Microsoft co-founder Bill Gates and JPMorgan Chase CEO Jamie Dimon. Dimon even suggested Warren may have been vilifying "successful people."
On Fox Nation's "Deep Dive," Stephen Moore, a former senior economic adviser to President Trump and a distinguished visiting fellow for the Heritage Foundation's Project for Economic Growth, took on Warren's case against America's wealthiest.
"The vast majority of people in the top 1 percent... [t]hey own, operate or invest in small businesses," Moore said. "They are the job creators and the wealth creators of our economy."
"Look at what Bill Gates and a person like Jeff Bezos have done," Moore added. "They've created hundreds and thousands of jobs. They've created... higher incomes... I hate this bashing of the rich."
Moore argued that policymakers should be more focused on growing the economy than redistributing the wealth of some Americans through higher taxes.
"What I care about is -- as John F. Kennedy, Ronald Reagan used to say -- let's create a rising tide that lifts all boats. And, I think under Trump, that's what's happening. You know, we're seeing all income groups benefit from this expansion," he said.
John Grace, the founder and president of Investors Advantage Corp., argued that the growing disparity between the wealth of Americans needed to be addressed.
"I think it's worth noting in 1962, when we look at the top 1 percent versus the bottom 99 percent, at that point, it was pretty equal, 30 to 34 percent was the share of wealth," Grace said. "By 2016, the top 1 percent is garnering over 40 percent of the wealth and the bottom 90 percent is generating a whopping 20 percent of the wealth. So, one has dramatically increased."
SANDERS, WARREN 'INCOME INEQUALITY' ARGUMENT IS BOGUS: EXPERT PANEL EXPLAINS
In conclusion, Moore said he saw Warren's proposals as more punitive than productive.
"My friend, [economist] Art Laffer, says, 'You want a tax system that tries to make poor people rich, not make rich people poor.' Sometimes I think some of my friends on the other side of the aisle have that wrong," he said.
"There are certain problems out there. But... all I'm hearing from the Democrats right now is, sock it to the rich and give it to the poor... Income redistribution is not an economic growth plan," Moore concluded.
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