Wednesday, March 11, 2015

Grant Me That This is Funny

I wasn't impressed with the way our left embraced Thomas Piketty as their Great Left Hope for income redistribution (by the goverment).

Thomas Piketty isn't too impressed, either:

Progressives such as Princeton economist Paul Krugman seized on Mr. Piketty’s thesis to justify policies they have long wanted—namely, very high taxes on the wealthy.

Now in an extraordinary about-face, Mr. Piketty has backtracked, undermining the policy prescriptions many have based on his conclusions. In “About Capital in the 21st Century,” slated for May publication in the American Economic Review but already available online, Mr. Piketty writes that far too much has been read into his thesis.

Though his formula helps explain extreme and persistent wealth inequality before World War I, Mr. Piketty maintains, it doesn’t say much about the past 100 years.

Apparently, the economic science isn't as settled (in their favor) as our left wing thought.

UPDATE: Related:

The United States on Monday declared Venezuela a national security threat and ordered sanctions against seven officials from the oil-rich country in the worst bilateral diplomatic dispute since socialist President Nicolas Maduro took office in 2013.

Remember when our Left loved Venezuela and the redistribution of income policies that the Left said Hugo and his mini-me Maduro implemented, but which have run the economy into the ground and made even the Obama administration conclude that those nutballs in Caracas are dangerous?

You have to admit, redistributing increasingly worthless currency in Venezuela will be useful as even toilet paper is in short supply.