Recently a video of Elizabeth Warren has gone viral, garnering more than half a million views in the first ten days. After lambasting the policies of the Bush administration, Warren goes on to critique the claim that rich people have a right to the income from their activities. Warren argues that it is only fair that the rich give back to the community (in the form of higher taxes), since they benefit from the government investments that made their financial success possible.
Warren's argument is wrong both on principle and in practical application. It's important to spell out exactlywhy she's wrong, because her viewpoint is gaining traction among the progressive Left. Besides the obvious popularity of Warren's statements, Robert Frank's hip new book is another example of this assault on conventional property rights.
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