Michael Schaus

The French Economist (is that really a thing?), Thomas Piketty, has been touring the television circuit promoting his 21st century reincarnation of Karl Marx’s “Das Kapital”. But, leave it to a Democrat from the People’s Republic of Massachusetts to one up the Frenchman with a penchant for progressive fiscal policy. Elizabeth Warren – who also penned an intellectually bankrupt analysis of income inequality – described Piketty’s book, Capital in the 21st Century, as an explanation of how capitalism punishes the poor while rewarding the rich. She then explained, with an obvious abandonment of common sense, that wealth “trickles up” in the free market.

Being sure to lampoon the economic success of Reaganomics, Warren explained that we (I can only assume she means everyone on planet Earth except, apparently, for us right-wing nuts) have learned that “trickle-down economics” doesn’t work. “Wealth” she explains, “trickles up.”

Trickle up economics… Now that is an economic theory that only a rich liberal could embrace with any sincerity. Warren’s precarious grasp of reality must have been hugely influenced by the liberal bubble in which she seems to be ensconced. Because, unless I am very out of touch with modern economics, poor people are still not the primary employers in America.

Of course, this is the absurdity of Keynesian philosophy mixed with European socialism. Warren’s comments are (and, to be fair I’m kinda guessing here) based on the notion that poor people, and middle-class America, are the main consumers in the economy – therefore it is their hard earned (and well spent) dollars that profit the business owners, corporate CEO’s, and Wall Street investors… Which, really, is about half of the picture:


Michael Schaus

Michael Schaus is the Associate Editor for Townhall Finance, and the Executive Producer for Ransom Notes Radio. He is a former talk show host and political activist. Having worked in fields ranging from construction to financial investment, his perspectives and world views are forged with a deep understanding of what it means to be an American.
TOWNHALL FINANCE DAILY

Get the best of Townhall Finance Daily delivered straight to your inbox

Follow Townhall Finance!