Along with the demands for such government restriction and penalization of international purchases has grown up or been imported from elsewhere a doctrine—protectionism—aimed at making such selfish and predatory use of government power appear to be broadly beneficial to the nation as a whole, not simply to the domestic providers who cannot meet the foreign competition. Although protectionism has had a multitude of promoters through the ages, from the man in the street to the occupant of the White House, it has always been a bogus doctrine, making claims that cannot be upheld by solid economic theory or sound economic history. Analysts going back to Adam Smith, James Mill, and David Ricardo have debunked protectionism’s claims, as have many economists in the following centuries.
James Pethokoukis looks at Elizabeth Warren’s assertion that American billionaires are “freeloaders .” (Warren’s accusation is especially rich coming, as it does, from a politician.)
And also on wealth taxes is Peter Suderman . Here’s his opening line:
Elizabeth Warren’s wealth tax is the worst form of stunt policy: a bad idea that gets us nothing.