George Will skewers socialists . Here’s his conclusion:
The “boldness” of today’s explicit and implicit socialists – taxing the “rich” – is a perennial temptation of democracy: inciting the majority to attack an unpopular minority. This is socialism now: From each faction according to its vulnerability, to each faction according to its ability to confiscate.
If you’re a low-skilled worker, you most certainly don’t want to live in New York City – a city whose government is hellbent on raising employers’ costs of hiring you . (HT Chris Mufarrige) (Note that among the ill-consequences of forcing employers to pay higher wages to low-skilled workers is reduced tolerance of employers for employee misconduct.)
A protectionist might claim, however, that this consideration must be “balanced” by considering how domestic sellers gain when tariffs reduce the competition they face from foreign suppliers. This “balancing,” however, is nothing more than an observation that thieves who break into a home and tie up the homeowners, thereby constraining them by removing their options to protect their property, can then make off with stolen property. This sort of “gain” is not what economics is about; this is what crime is about.