•   
  •   
  •   

Opinion Shaking down the rich is bad for democracy

17:21  13 november  2019
17:21  13 november  2019 Source:   msn.com

Three people in critical condition as protests rock 'heavy-hearted' Hong Kong

  Three people in critical condition as protests rock 'heavy-hearted' Hong Kong Three people were in critical condition in Hong Kong on Monday, authorities said, after a weekend of chaotic clashes with anti-government protesters that led China to call for a tougher stance to end months of unrest in the Asian financial hub. © REUTERS/Ahmad Masood Riot police disperse anti-government protesters at a shopping mall in Tai Po, Hong Kong, China November 3, 2019 REUTERS/Ahmad Masood The injuries were the result of yet another weekend of violence in the former British colony. Riot police stormed several shopping malls packed with families and children in the eastern suburb of Taikoo Shing on Sunday, including Cityplaza.

Warren sees the rich as a natural resource that can be mined for its wealth indefinitely. Well, we have a lot of examples of countries that depend on natural resources to pay When all of the money comes from the aristocracy, as it did prior to the rise of democratic capitalism, the aristocracy made the rules.

Expecting billionaires to pay for all the nice things is bad for democracy . One of the more exhausting rituals of presidential campaign season is the effort In Clinton’s view Britain’s first prime minister did not do enough to knock down “barriers for others.” The former Democratic presidential nominee did

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

Presidential candidate Elizabeth Warren speaks at a town hall meeting at Waterfront Park in San Diego on Oct. 3.© K.C. Alfred/San Diego Union-Tribune/TNS Presidential candidate Elizabeth Warren speaks at a town hall meeting at Waterfront Park in San Diego on Oct. 3.

Forget whether the math works. (It doesn't.) Expecting billionaires to pay for all the nice things is bad for democracy.

One of the more exhausting rituals of presidential campaign season is the effort to make every new proposal "add up." Sure, it's better that politicians try to come up with a plan to pay for their wish lists. The problem is that the explanations are often a disguise that make the impossible seem possible, even practical. Fake budgets are the tribute that pandering pays to pragmatism.

Hong Kong student dies after fall in a parking garage during weekend protests

  Hong Kong student dies after fall in a parking garage during weekend protests A 22-year-old Hong Kong university student who suffered a severe head injury after falling in a parking garage close to the scene of protests has died, hospital authorities confirmed Friday, a development that could further inflame tensions in the semi-autonomous Chinese city. Police say Chow Tsz-lok, a computer sciences student at Hong Kong University of Science and Technology (HKUST), fell from the third floor to the second floor of a parking garage in the residential area of Tseung Kwan O in the early hours of November 4. The incident occurred as police clashed with protesters during a nearby anti-government demonstration.

Expecting billionaires to pay for all the nice things is bad for democracy . One of the more exhausting rituals of presidential campaign season is the effort Americans are practical. When told that the rich can pay for cool stuff, they say “go for it.” When asked if they want the cool stuff so badly that they’d

Expecting billionaires to pay for all the nice things is bad for democracy . One of the more exhausting rituals of presidential campaign season is the effort Warren sees the rich as a natural resource that can be mined for its wealth indefinitely. Well, we have a lot of examples of countries that depend on

You could confiscate the wealth of every billionaire and centimillionaire in the country and it wouldn't come close to paying for Medicare for All or the Green New Deal.

But let's pretend that the fantastical (albeit unconstitutional) wealth tax Elizabeth Warren has proposed would work like she claims. Let's also stipulate that the wealthy wouldn't respond by hiding their wealth, moving out of the country or cutting back in the sort of investments the government is utterly incapable of replicating. Let's even concede for argument's sake that Warren could get her plan through Congress and the courts.

Would that be good for the country?

Warren sees the rich as a natural resource that can be mined for its wealth indefinitely. Well, we have a lot of examples of countries that depend on natural resources to pay for everything. Saudi Arabia comes to mind. Oil revenues pay for almost everything. The problem with such societies is what political scientists and economists call "the resource curse" or "the paradox of plenty."

Hong Kong police shoot protester as protests start working week

  Hong Kong police shoot protester as protests start working week A Hong Kong police officer shot at masked protesters on Monday morning -- hitting at least one in the torso -- during clashes broadcast live on Facebook, as the city's rush hour was interrupted by protests. Footage showed a police officer drawing his sidearm in the district of Sai Wan Ho as he tried to detain a masked man at a road junction that had been blocked by protesters. Footage showed a police officer drawing his sidearm in the district of Sai Wan Ho as he tried to detain a masked man at a road junction that had been blocked by protesters.

Shaking down the rich is bad for democracy . Money. The American unemployment system is broken by design. The pandemic will permanently change the auto industry. The worst ways people are using their coronavirus relief money. Experts warn of a second wave of economic pain. Sports.

Indeed it has been said that democracy is the worst form of Government except for all those other Democracy is the worst system and it’s been tested very short time. Democracy is one of the It also makes possible the separation of powers among branches and up-and- down along levels of

It works like this: When the government doesn't need the tax dollars of a middle class, the middle class has less political power. Virtually everywhere democracy has taken root, starting with England and Holland, it has done so because the middle class demanded representation in return for taxation. That was the heart of the whole "no taxation without representation" thing that led to the American Revolution.

The curse has an economic component as well. The countries that rely on natural resources tend to be poorer because they are less economically dynamic. Think resource-poor Switzerland versus resource-rich Venezuela. Exactly why this widely observed phenomenon works this way is debated, but part of it is surely that the existing stakeholders are hostile toward economic innovation. Another factor: When the state supports you, the incentive to support yourself -- never mind be an entrepreneur -- is dulled.

Protesters disrupt commute again after violent Hong Kong day

  Protesters disrupt commute again after violent Hong Kong day Protesters disrupted the morning commute in Hong Kong on Tuesday after an especially violent day in the Chinese city that has been wracked by anti-government protests for more than five months. Blocking streets and subway stations has been a common tactic of the anti-government protesters, but recent weeks have been marked by clashes with police, escalating vandalism against government and commercial property, and assaults by both protesters and pro-Beijing supporters.

Shaking down the rich is bad for democracy . Money. Experts warn of a second wave of economic pain.

Shaking down the rich is bad for democracy . Money. The American unemployment system is broken by design. The pandemic will permanently change the auto industry. The worst ways people are using their coronavirus relief money. Experts warn of a second wave of economic pain.

But the more important part is the democratic disincentive. Think of the old golden rule: Whoever has the gold makes the rules. (This insight apparently comes from noted philosopher Johnny Hart, the cartoonist behind "The Wizard of Id," who coined it in 1965). When the bulk of tax revenues come from the people, or at least from the middle class, the government heeds the middle class. When all of the money comes from the aristocracy, as it did prior to the rise of democratic capitalism, the aristocracy made the rules. When it comes from the rich -- aka "the donor class," the "One Percent," etc. -- the rich care a lot more about the rule-making.

Today, the top 1 percent make roughly 20 percent of the money in this country and pay almost 40 percent of federal taxes. Meanwhile, 60 percent of U.S. households receive more money from the treasury than they pay into it. But Warren insists it's the rich who aren't paying "their fair share."

Is it any wonder that our political system is so heavily influenced by the top 1 percent? Is it any wonder that the top 1 percent feel so incentivized to get involved in politics? The more skin you have in the game, the more you care about the game.

The left used to understand this. For generations they opposed means-testing Social Security because they wanted it to be a broad American entitlement, not a form of welfare.

Americans are practical. When told that the rich can pay for cool stuff, they say "go for it." When asked if they want the cool stuff so badly that they'd be willing to pay more themselves, they're much stingier.

The danger of promising that the rich can pay for everything is multifaceted. First, it's not true. Second, you don't have to be a student of public choice theory to understand that the more Washington behaves as if it's true, the more the wealthy will intervene in our politics. And third, the more citizens believe that a small group of undeserving wealthy people are denying them nice things, the uglier our politics will become.

(Jonah Goldberg is editor-in-chief of The Dispatch and the host of The Remnant podcast. His Twitter handle is @JonahDispatch.)

Options narrow for last Hong Kong campus protesters as arrests take a toll .
Options narrow for last Hong Kong campus protesters as arrests take a toll

—   Share news in the SOC. Networks

Topical videos:

usr: 3
This is interesting!