And now a word from the Plundercrats.
Two of them, Austin Clemens and David Mitchell, take to the Hill
with a headline that is only reassuring if you don't notice the word "wealth":
Don’t panic about the national debt — the US has the wealth to handle it. They start out OK:
The U.S. national debt recently passed $40 trillion, hitting this monstrous milestone months ahead of Congressional Budget Office projections, in part due to tariff refunds increasing the total deficit.
In March, the federal debt held by the public reached the size of U.S. annual gross domestic product, nearing its all-time peak from more than 80 years ago, when we were paying off World War II.
These headlines have renewed calls for austerity, but the truth is, America is nowhere near broke. On the contrary, the nation holds a staggering amount of wealth — far more than the debt it owes. The real question is not whether we have the resources to manage the debt, but whether we have the will to use them.
Yes, it's a plea to tax wealth. Eventually, they start rattling off the possibilities:
If the U.S> [sic] is willing to look at what it owns, versus only at what it earns, it would open up a new set of options for paying down the debt: taxes on wealth and property, and reforms to how inheritances and capital gains are taxed, among them. Of course, people will disagree about which, if any, to use. But ultimately, that is a debate about priorities and political will, not about whether we have the ability to pay off our debt. Because we do.
Note the game-playing with the pronouns I've bolded.
For example. the U.S. should look at what "it" owns. Smuggling in the
idea that "it" owns all that wealth instead of … well, the people who actually own it. And "we"
are entitled to as much of that wealth as "we" feel like expropriating.
Well, the arguments against wealth taxation are well known, I've made a lot of them here, and
I probably don't need to repeat them. But I will deploy that
evergreen Bastiat quote:
When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.
Folks, Austin and David are exactly who Bastiat was talking about back in 1848.