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This "scoring" of the Warren wealth plan done by @Wharton & reported by @jimtankersley is wrong on a number of levels
For 1, the assessment assumes that the money from a wealth tax go to pay down the debt. That is NOT what @ewarren has proposed.
THREADhttps://www.nytimes.com/2019/11/14/business/warren-wealth-tax-economy.html?smid=nytcore-ios-share …
In an economy w/ chronic demand shortfalls, we'd want to spend that money, which is precisely what @ewarren actually proposes!
Second, as @Econ_Marshall points out, taxing wealth DOES NOT necessarily lead to fall in investment. https://twitter.com/Econ_Marshall/status/1194981538120830976 …
Lots of recent empirical work has shown this long-time Neoclassical assumption to be false. If we tax the wealth, and use those funds to ya know, decarbonize the economy, pay for universal childcare, make college free, etc. the gov will be SPENDING that money.
We're just shuffling around the spending. But given that low- and middle-income households have a higher marginal propensity to consume, we'd actually expect to see an INCREASE in economic growth from redistribution.
Lot's of excellent work recently has documented how inequality inhibits growth. Mitigating inequality via a wealth tax would therefore expand economic growth in most scenarios, including those actually proposed by @ewarren
For more on the relationship between inequality and growth, I suggest you pick up @HBoushey excellent new book Unbound: How inequality constricts our economy & what we can do about it.https://www.hup.harvard.edu/catalog.php?isbn=9780674919310 …
@nytimes comes to the defense of its publisher.
"Warren's plans for child care, housing and green manufacturing would spur economic growth and produce more tax revenue. It is very possible that total government revenues generated by her plans will exceed the total amount of new investments she proposes"https://www.cnn.com/2019/11/13/perspectives/elizabeth-warren-medicare-for-all-taxes-middle-class/index.html …
This isn't how you start a populist political project. Warren's major political commitment is to create a wealth tax that doesn't immediately materially impact the poor and working class. This may have wide public approval, but won't drive political participation like M4A.
Why not? Tax the rich is both compelling and motivating. Spending from that revenue would in fact pay for M4All.
TY!
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