mises.ca / By James E. Miller / Thursday, November 29th, 2012
Few have an understanding of economics quite like Robert Reich. One would have to sift through the furthest regions of stupidity to find a consistent stream of falsehoods to match his publishing record. Recently, the public policy professor has unleashed a tirade of economic sophisms that, like a majority of modern day economic reasoning, appear to be correct on the first glance but are dreadfully wrong with each returning inspection.
Higher taxes on the rich won’t slow the economy because the rich will keep spending anyway. After all, being rich means spending whatever you want to spend.
So being rich means spending whatever you want to spend? If one weren’t so familiar with words and their meaning, he could easily mistake the sage of Berkley to be some kind of economic highbrow. Instead, it is obvious that Reich wandered into the oft traveled territory of redefining terms to meet his own agenda. Perhaps a juvenile could be excused for such denseness but here is a nationally renowned speaker on all matters socioeconomic presenting an incredibly naïve view of the world.
In Reich’s admitted view, the rich are owners of vast oceans of wealth that can be tapped into at any given moment. How this came to be is not once given consideration. The rich are rich through some metaphysical phenomena and that’s it. Therefore, their wealth is up for the taking; or so the reasoning goes.