SKOUSEN: Are Democrats ‘All Socialists Now’?

Mark Skousen

Named one of the "Top 20 Living Economists," Dr. Skousen is a professional economist, investment expert, university professor, and author of more than 25 books.

I am a monthly columnist for “Liberty Through Wealth.” Last week, I wrote an article entitled “2020 Vision: What Could Go Wrong?” that created some controversy. You can read it here.

Advertisement.

In the article, I raised the specter that, despite a great economy and stock market, “President Donald Trump and the Republicans could lose in November, setting the stage for socialist Democrats to take over and reverse the benefits of the corporate tax deregulation.”

A reader questioned calling Democrats “socialist.” He wrote, in part: “There are no socialist Democrats: the socialist tax rate is 100%. Who has proposed that? Those of you opposed to ‘socialist Democrat policies’ should send me your Social Security checks and any Affordable Care Act reimbursements you receive — or stop lying about your position.”

A point well taken. Only two prominent Democrats actually call themselves “socialist” — Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez.

Advertisement.

Nevertheless, the Democratic candidates are all pushing for sharply higher taxes on the rich. The rates are not 100%, but they are moving in that direction. However, it was Ludwig von Mises who warned, “Middle of the road policies led to socialism.”

For example, Senator Elizabeth Warren favors a 70% income tax and a 2-3% wealth tax on the rich in this country. Her attacks on the super-rich get wild applause whenever she appears on the public debates.

Senator Sanders has proposed a wealth tax as high as 8% on wealth of more than $10 billion.

Sanders and Warren are two of three most popular Democratic candidates for president, behind Joe Biden.

Advertisement.

New York City Mayor Bill de Blasio, a former Democratic candidate for president, advocates, “taxing the hell out of the wealthy.”

Exclusive  Day Trading Requires Discipline and Three Key Steps

Perhaps the reader needs to be reminded of the lyrics in “Taxman” by the Beatles, which refers to the British government’s decision to take 95% of the people’s earnings. That was just a generation ago.

“Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman

Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman.”

Meeting in San Diego This Saturday

Advertisement.

I’ll be attending the American Economic Association (AEA) meetings this weekend in San Diego. On Saturday, Jan. 4, 6:30–8 p.m., I’m hosting a Chapman University reception in Room Mission Beach C, Manchester Grand Hyatt San Diego. You are welcome to join me. There is no charge and you do not have to register for this event.

Top 50 Economists: Check Out #41!

Speaking of economists, I received a surprise Christmas gift: I made a list of the top 50 economists since 1900. Read the list by clicking here.

I was glad to see that #41 beat out #50 (Paul Krugman).

I am not sure who is behind the Best Schools website and its listing of top 50 economists. There are so many influential economists who are missing, such as Steve Hanke, Greg Mankiw and Robert Shiller, just to name a few. But I’m happy to have made the list.

Upcoming Appearance

Advertisement.

Join Me for the Orlando MoneyShow, February 6-8, 2020, at the Omni Orlando Resort at ChampionsGate. I will be speaking Thursday, Feb. 6, 9:30 a.m. about My Most Important Forecast & Strategy: When Will the Mother of All Bull Markets End? On Feb. 7, I will talk at 5:30 p.m. about The Best Offense Is a Good Defense: How to Beat the Market with My Five Favorite ‘War’ Stocks! Other investment experts who will be speaking include Bob Carlson, Hilary Kramer and Bryan Perry. Register by clicking here or call 1-800-970-4355 and mention my priority code of 049278.

Exclusive  ETF Talk: One ‘CHIQ’ Worth Investing In
share on:

Like This Article?
Now Get Mark's FREE Special Report:
3 Dividend Plays with Sky-High Returns

This newly-released report by a top-20 living economist details three investments that are your best bets for income and appreciation for the rest of the year and beyond.

Get Access to the Report, 100% FREE


img
share on:

PREMIUM SERVICES FOR INVESTORS

Dr. Mark Skousen

Named one of the "Top 20 Living Economists," Dr. Skousen is a professional economist, investment expert, university professor, and author of more than 25 books.

Product Details

  • Forecasts & Strategies
  • Home Run Trader
  • Fast Money Alert
  • Five Star Trader
  • TNT Trader
LEARN MORE HERE

Bryan Perry

A former Wall Street financial advisor with three decades' experience, Bryan Perry focuses his efforts on high-yield income investing and quick-hitting options plays.

Product Details

  • Cash Machine
  • Premium Income PRO (exclusively for subscribers of Cash Machine)
  • Quick Income Trader
  • Breakout Options Alert
  • Hi-Tech Trader
LEARN MORE HERE

Jim Woods

Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
financial journalist, and money manager. As well as a book author and regular contributor to
numerous investment websites, Jim is the editor of:

Product Details

  • Successful Investing
  • High Velocity Options
  • Intelligence Report
  • Bullseye Stock Trader
  • Eagle Eye Opener
LEARN MORE HERE

Bob Carlson

Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.

Product Details

  • Retirement Watch
  • Retirement Watch Spotlight Series
  • Lifetime Retirement Protection Program
LEARN MORE HERE

Jon Johnson

Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services:

Product Details

  • Investment House Daily
  • Stock of the Week
  • Technical Traders Alert
  • Rapid Profits Stock Trader
LEARN MORE HERE

DividendInvestor.com

Used by financial advisors and individual investors all over the world, DividendInvestor.com is the premier provider and one-stop shop for dividend information and research.

Product Details

Popular tools include our proprietary Dividend Calendar, Dividend Calculator, Dividend Score Card, and many more.

  • Dividend Investor
LEARN MORE HERE

George Gilder

George Gilder is the most knowledgeable man in America when it comes to the future of technology and its impact on our lives.  He’s an established investor, bestselling author, and economist with an uncanny ability to foresee how new breakthroughs will play out, years in advance.

Product Details

  • Technology Report
  • Technology Report PRO
  • Moonshots
  • Private Reserve
  • Millionaire Circle
LEARN MORE HERE

DayTradeSPY

DayTradeSPY was founded by head trader Hugh Grossman, a retired internal auditor for a Fortune 500 company. After years of first-hand experience trying out one trading strategy after another, Hugh instead developed his own trading system centered around day trading SPY options. That’s it... Nothing else.

Product Details

  • Trading Room
  • Pick of the Day
  • Inner Circle
  • Online Workshops
LEARN MORE HERE