“We can’t just be the party of redistribution of wealth … we’ve got to be the party of creation of wealth,” U.S. Representative Tim Ryan (D-OH) said recently on MSNBC‘s Morning Joe.
The full interview is in the video below.
During the Morning Joe interview, Ryan discussed several topics. But the headline quote is one that drew more attention.
“Telling the Democrat base that they can’t “be the party of redistribution of wealth” is like telling water not to be wet,” per the Canada Free Press.
The Daily Business News has examined the facts on economic and political freedom for some time. Some recent examples mean understanding why single-payer healthcare is not going to be an improvement on ObamaCare, and why raising the minimum wage won’t save the economy.
“We have to say, look, we’re the party to be able to handle the economy in the 21st century. We have the convergence of so many different elements happening right now – globalization, automation, artificial intelligence, all of these different other opportunities within the economy. And right now, I don’t think either political party has quite gotten their hands around it,” Ryan said in the interview.
With the rate at which technologies like artificial intelligence (AI) are growing, it raises great challenges that must be met.
Figuring out early on how to balance the use of technologies like AI, human workers, and the desire to encourage development will be important to keeping the economy and society stable in the future.
This is one of many reasons why Elon Musk, among others believe that AI should be regulated long before it can become a problem. Some, like Jack Ma, believe that the next industrial boom will cause such a huge economic divide that we could see World War 3.
The Republicans Favorite Democrat?
Along with admitting that the Democratic Party needs to focus on creating wealth, rather than redistributing it, Ryan also touched on a key issue to improving the economy.
That key issue? Reforming the tax codes.
Tax cuts that benefit corporate taxes is one of the numerous issues that Democrats and Republicans don’t see eye-to-eye on. This is ironic, as the Rev. Donald Tye, Jr. is among those who have observed that President John F. Kennedy (D) and Ronald Reagan (R) both reformed the tax code, cut taxes and boosted the economy.
However, Ryan gained a lot of attention after his interview, after stating, “I think we need to simplify the tax code. I think we need to lower the corporate tax rate. We can’t just be the party of redistribution of wealth. We’ve got to be the party of creation of wealth.”
Ryan’s thoughts on tax code prompted a new ad from American Action Network called “Agree” which featured the U.S. Representative and his opinion on tax reform.
“When it comes to reforming America’s outdated tax system, top Democrats agree,” says a narrator in the ad.
“I appreciate this organization wanting to highlight my desire for comprehensive tax reform that simplifies the tax code, promotes growth, creates new wealth, and closes loopholes,” Ryan said in response to the American Action Network ad, per the Washington Post. “But let me be clear: making our corporate tax rate more globally competitive is important, but it is just one aspect of meaningful reform we need.”
He went on to say, “Any debate about tax reform must balance a competitive corporate tax rate with provisions that encourage corporate responsibility through higher taxes on capital gains and dividends as well as increased capital investment in America’s workforce.”
Ryan also proposed a $1 trillion expansion of the Earned Income Tax Credit – which he says would put thousands of dollars in the hands of hardworking American’s to help boost the economy.
Will One Democrat’s Understanding Spread?
As it stands now, much of what Ryan has said goes against a lot of what the Democratic Party stands for.
While the party usually focuses their efforts into social programs to “help” the working poor, Ryan realizes that there is more to it than simply providing assistance that has the potential to trap people and keep them dependent.
Reform of the tax code is one of many issues that is a high priority to helping improve the U.S. economy. The National Federation of Small Businesses (NFIB) says that tax reform is essential if Congress wants to see small businesses investing in the economy.
Tax reform, as industry professionals know, would make a significant impact on the economy in so many areas. Just the promise of tax reform has helped the markets soar. Just today, a revised Gross Domestic Product (GDP) has hit 3 percent growth for the quarter. Tax reform, said the president today in Missouri, could create ten trillion dollars in economic growth over the next decade.
Will one Democrats and Republicans come together on this issue, and convince others that there is more to boosting the economy than redistribution of wealth through social programs? ## (News, analysis.)
(Note: In the video, Ryan is asked if he is considering a 2020 run for president, to which Ryan answered that he, as well as most, are more focused on 2018 right now.)
(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)
