From WSJopinion: Today’s progressive rant that income inequality is an existential threat is unpersuasive and untrue, write Phil Gramm and AmityShlaes
Wonder Land: During the Obama years, Republicans were nicknamed 'the party of No.' Today the roles have reversed, with Democrats refusing to negotiate, preferring to smear the 'MAGA Republican' opposition as 'extreme.' Images: Zuma Press/AFP via Getty Images Composite: Mark Kelly
Everything old is new again, and blaming the rich for America’s woes is no exception. The rise of progressivism before the turn of the 20th century was fueled by the perception that “robber barons” of industry and finance had earned their fortunes from their monopoly power that allowed them to exploit the poor and middle class. That era has been damned with a pejorative label: the Gilded Age.
That thinking has re-emerged in the Democratic Party today, though this time it has its sights set on our economy’s tech giants. In both cases, the underlying economic claims are at variance with the facts. The wealth created by industrialization, modern finance and communication has reduced poverty, elevated material well-being and promoted general prosperity. Economic growth isn’t a zero-sum game.
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