Wealth Redistribution
U.S. Senator Bernie Sanders (I–VT) claims that “$79 trillion in wealth has been redistributed from the bottom 90% to the top 1%” since 1975.
IN FACT, the inflation-adjusted average wealth of the bottom 90% of U.S. households has grown by 83% since 1989, which is as far back as reliable data extend. Furthermore, Sanders ardently supports at least 4 major causes of the wealth inequality he decries:
- Government social programs, which reduce the ability to save and incentives to work.
- Government money printing, which increases the wealth of asset holders, while making assets less affordable for people with little wealth.
- Pervasive and aggressive government regulations, which make it hard for small businesses to compete with major corporations.
- Liberal ethics about sex, which create household fragmentation that dilutes family wealth.
