Properly understood, the facts about U.S. after-tax income distribution and growth are insufficiently alarming to justify the political misuse of questionable pretax, pretransfer income statistics as a false argument for redistributing after-tax income.
There are many credible ways to measure economic well-being (such as real after-tax income and/or wealth), but giving a few thousand people a multiple-choice exam about how they might prefer to pay an unexpected $400 expense is not one of them.
An author’s political agenda often drives the arguments, which explains why extreme rhetoric about hypothetical “crises” in the future are typically abused to excuse extreme proposals for government meddling in the present.
The Trump Administration’s trade warfare with China began in earnest last March 22 (following steel and aluminum tariffs that primarily hit other countries). U.S. and Chinese tariffs on each other’s goods then escalated repeatedly through September 18 with threats of much more the same by March 1 of this year.
To sum this all up: 1. Stock prices have been high relative to earnings because bond yields have been low; 2. Bond yields have been low because the fed funds rate has been low; 3. The fed funds rate has been low because inflation has been low.
The questionable 2,975 GWU estimate of hurricane-related deaths, like the unbelievable 4,645 Harvard estimate before it, is being widely misused as a criticism of emergency relief efforts by FEMA and numerous private charities.