How can top Democrats run the economy with no business skill?
The market news today must be especially worrisome for the field of Democratic presidential candidates. The latest jobs report turned out much better than expected, with 266,000 additional payrolls created, propelling the Dow Jones Industrial Average to its strongest trading session in two months and marking the “best numbers of our lives.”
That, of course, will not stop the rhetoric from the candidates. For all of the talk of the Green New Deal, most of the focus of Democrats is not on the economic health of the middle class. To a certain extent, however, you cannot even blame them. Top tier candidates Joe Biden, Elizabeth Warren, and Bernie Sanders have no point of reference on what makes the free market work. Moreover, none of the three can claim credit for creating a single private sector job in the last 50 years. Instead, they are ignorant of the processes that create job growth. Our economy is at full employment for the first time in two full decades. Why would the nation jeopardize this for candidates who have close to zero experience in the free market?
Despite platitudes about being “Middle Class Joe,” Biden has never had business leadership. Perhaps the closest thing he holds in private sector experience was his time as a teenage lifeguard, fending off gang leaders named “Corn Pop.” Biden spent a few years working as an attorney before getting elected to the Senate back in 1973. His time as a senator and vice president spanned more than 40 years. While he often touted his poverty relative to many of his political colleagues, Biden owes his current wealth to his time in office, notwithstanding the business schemes of his son.
Warren also has scarce private sector experience, limited to waiting a few tables and some legal work. The senator promises trillion dollar programs like “Medicare for All” and universal free college, which would likely raise taxes on working people and cripple the economy. Indeed, her proposals would translate into a “100 percent recession,” Treasury Secretary Steven Mnuchin declared. Moreover, the language surrounding her government plan for “economic patriotism” is almost Orwellian in its falseness. But I guess it is more understandable coming from someone worth $12 million writing missives from her comfortable $3 million mansion in Cambridge.
Even her first claim to fame, a coauthored 1989 treatise on middle class debt, was derided by Rutgers University professor Philip Shuchman as having serious errors and “repeated instances of scientific misconduct.” The closest thing to a private sector job that Warren could have created would have been an editor to create a revised version of the book, which she herself declined to pen. It remains eminently difficult for Warren to pitch a government plan for an economy that she misjudged for years.
Sanders certainly comes with the least experience in the real world. Never one to hold down a private sector job, he was kicked out of a commune for laziness in 1971. Even counting his time in public service, Sanders had never worked a full time job until he was almost 40 years old. Since then, he has made a career of telling others how to live their lives, serving four terms as the mayor Burlington then almost four decades in Congress.
As I have written before, federal taxpayers have financed Sanders to the tune of more than $4.5 million. The economic plans of the Democratic socialist include tax hikes on everyone making more than $29,000 a year and company owners compelled by the force of government to create worker cooperatives. Tax increases and government control will only destroy what has been built over the last three years. With 3.5 percent unemployment, why would voters choose to mess up what is working?
To these candidates, private money comes from public sector action, not the other way around. None of the factions of the Democrats has offered any proposals that would strengthen the economy, and their government plans would be to the detriment of workers. From Biden and his bridge to back toward a dire economy, to Warren and her grating corporatism, to Sanders and his refusal to admit the Soviet Union experiment did not work, each sorely lack the private sector experience to run the nation.
As we pull into Reaganesque economic good times, the worst thing that Americans can do now is to take the candidates at their own words and jeopardize the compelling job and wage growth. Main Streets across the nation prove that the free market works. Let us allow Democrats to either moderate their message or relegate their socialist ideas to the dustbin of history where they belong. Next time you are willing to discount their lack of business experience, just ask yourself, is it worth losing your job over?
Kristin Tate is a libertarian writer and an analyst for Young Americans for Liberty. She is an author whose latest book is “How Do I Tax Thee? A Field Guide to the Great American Rip-Off.” Follow her on Twitter @KristinBTate.
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