OPINION — Last week, a New York Times headline caught my eye. “Could tax increases speed up the economy? Democrats say yes.” The story, written by Jim Tankersley, explained that Elizabeth Warren is “leading a liberal rebellion” against the “long-held economic view that large tax increases slow economic growth.”
Given the miserable track record of redistribution politics as economic theory and the strength of today’s free-market economy, I had to read on. Was this a case of economic illiteracy on the part of Warren and her fellow quasi-socialists who seem to be driving the Democratic debate? Or was this latest fascination with redistribution of wealth a focus group-tested battle cry for the base? Or maybe this was just the latest iteration of Democrats’ failed economic theories last seen in 2010 when Joe Biden promised a recession-weary America a “summer of recovery” that didn’t happen.