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URL: https://x.com/JohnHCochrane/status/1969419716654743836

โ‡ฑ John Cochrane on X: "You must be joking. GDP per capita 1790, about $1,000 real terms. 2024: $89,000. Even perfect redistribution of 1790 income is $1,000 per person, 1/30 of minimum wage. We are all insanely better off due to economic growth, not by redistribution of George Washington's pitiful (by" / X


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You must be joking. GDP per capita 1790, about $1,000 real terms. 2024: $89,000. Even perfect redistribution of 1790 income is $1,000 per person, 1/30 of minimum wage. We are all insanely better off due to economic growth, not by redistribution of George Washington's pitiful (by today's standards) wealth via taxes. Growth, not redistribution, led to science and public health.
You do realize that 250 years ago the child mortality rate was 50%, right? And the vast majority of people lived short, disease ridden lives, right? It was largely the government spreading the wealth around that ended that. It's fine if you want to go back to that but be honest.
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