In a brilliant piece for the Daily Signal, economist and political thinker Stephen Moore expertly dissects the glaring weaknesses with liberal economic policy. He does so by focusing his gaze on the new liberal icon du jour Elizabeth Warren and her ideas for America’s future. Warren is the current leftist favorite for President, even as she demurs and offers support for her mentor Hillary Clinton. It’s likely that we’ll be seeing more of Warren in future Presidential politics. So she’s a perfect politician to choose when we discuss liberal economic policy.
Moore points out first that the policies favored by Warren are not absent in American life, in fact, her favored economic policies are in place in several states. States like California, Illinois, New York and Connecticut have all implemented policies that Warren would no doubt endorse… sadly for them, things haven’t worked out that well.
Meanwhile, states whose policies would likely be denounced by the Massachusetts liberal seem to be moving forward in a positive fashion when you compare their economies with more liberal states.
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In a new report called “Rich States, Poor States” that I write each year for the American Legislative Exchange Council with Arthur Laffer and Jonathan Williams, we find that five of the highest-tax blue states in the nation—California, New York, New Jersey, Connecticut and Illinois—lost some 4 million more U.S. residents than entered these states over the last decade. Meanwhile, the big low-tax red states—Texas, Florida, North Carolina, Arizona and Georgia—gained about this many new residents.
So much for liberal policies creating a workers paradise…
The 19 states with minimum wages above the $7.25 per hour federal minimum do not have lower income inequality. States with a super minimum wage—such as Connecticut ($9.15), California ($9.00), New York ($8.75), and Vermont ($9.15)—have significantly wider gaps between rich and poor than states without a super minimum wage.
States are supposed to be laboratories of democracy, right? These laboratories are providing us with concrete evidence that Robin Hood policies don’t help make the poor richer, they make most people poorer. In other words, the blue states have tried the Elizabeth Warren “progressive” agenda and people are voting with their feet by fleeing in droves.
The proof is in the pudding, as they say, and the proof shows that liberal economic policies destroy communities – they don’t grow them. All of the evidence begs us to reject liberals’ economic plans for more conservative measures. Let’s hope the average American voter understands that in 2012.
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