Former Labor Secretary Robert Reich now makes movies, like I do.
Actually, his channel, Inequality Media, may be very very like Stossel TV. He additionally reaches individuals by way of social media platforms, will get tens of millions of views, and covers financial subjects.
Reich does virtually precisely what I do, besides Reich is repeatedly fallacious.
It is comprehensible. Regardless of being ceaselessly launched as “economist Robert Reich,” Reich has no economics diploma. He is one other liberal lawyer. His movies replicate that.
“Inequality Media” is a catchy title. People dislike inequality.
However my new video factors out that inequality is not a conspiracy. It is merely what occurs when individuals are free.
Taylor Swift’s a billionaire. Ought to authorities pressure you to hearken to me sing to make life extra honest?
Reich desires to “ban billionaires” like Jeff Bezos. I do not very like Bezos, however his creation, Amazon, is fantastic. It is lowered costs a lot that it cut America’s core inflation.
Reich claims Amazon is a monopoly. However Amazon is way from a monopoly. It has to compete with Walmart, Goal, eBay, Alibaba, and so on. The place there are free markets, we now have decisions. If we purchase from Amazon, it is solely as a result of we expect it is cheaper or higher.
Reich says it’s dangerous that billionaires “get cash from wealthy kinfolk.”
However the largest study of millionaires discovered few do.
Bezos obtained some cash from his mother and father, however most of what he wanted to develop Amazon he obtained from traders. Media “consultants” sneered at them for years, as a result of at first, Amazon misplaced a lot cash.
Capitalism rewards such risk-taking.
Progressives and liberal attorneys like Reich consider wealthy individuals take most of America’s wealth and depart little for the poor. Just like the Hollywood writers for the film Wall Road, they name our financial system “a zero-sum recreation—any person wins, any person loses.”
However that is simply dumb.
Capitalists create new wealth. They do not take an enormous slice of the pie and depart us a sliver. In the event that they get wealthy, it is as a result of they discover methods to bake numerous new pies.
That is what’s occurred in America. Its why at this time, even poor People have entry to issues European kings solely dreamed about.
Capitalists can get wealthy solely by making all of us higher off.
Precise economist Dan Mitchell explains, “Billionaires solely saved 2.2 p.c of the extra wealth they generated….The remainder of us captured virtually 98 p.c of the advantages.”
Reich additionally mocks commerce. In a single video, he sneers, “World commerce is sweet for everybody. That is bunk!”
After all it is bunk. Few issues are good for everybody.
However commerce makes virtually everybody richer by permitting us to concentrate on what we do greatest. It is known as comparative benefit.
Reich complains, “What if a rustic’s comparative benefit comes from individuals working beneath…exploitative situations?”
“Exploitation” could be dangerous, however individuals in poor nations aren’t compelled to work in factories. They took these jobs as a result of their options have been worse. Commerce allowed a billion individuals to raise themselves out of poverty.
Nonetheless, commerce does take away some People’ jobs. Donald Trump complains about different nations “ripping us off and taking our jobs.”
He and Reich do not perceive that commerce creates extra jobs. It is why unemployment is low. Firms engaged in world commerce created 60 p.c of America’s new jobs.
Lastly, Reich says it is “garbage” that President Joe Biden’s enormous spending will increase triggered inflation. He claims it is “company greed….Mega firms increase costs to extend their income.”
That is simply foolish. When costs fall, did firms out of the blue get much less grasping?
My video cites precise economists like Nobel Prize winner Milton Friedman, who explains, “Inflation is made in Washington as a result of solely Washington can create cash. Every other attribution of different teams to inflation is fallacious.”
Robert Reich’s movies are fallacious about virtually all the pieces. It is unhappy that schools pay this faux economist to ship silly propaganda to college students.
His “progressive” concepts would go away all of us poorer. And fewer free.
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