Throw out very basic law of demand, fundamental idea in economics, prices matter, the costs matter

#shorts McBride: “Uh, yeah, I agree. It’s rational. I mean, um, I mean the thing about taxes that we’re talking about is there a cost or a price, and so claiming that the cost or price doesn’t matter is essentially throwing out the very basic law of demand, basics, the basic, uh, fundamental, uh, idea in economics: the prices matter, the costs matter.

Kennedy: See, this one, this is what this always boils down to, and there’s no, there’s no way we’ll ever agree. Okay, but at least two of you believe that government, all things being equal, can spend a dollar better than people can. And that’s, that’s your, your, this is America. You can believe that.

On 3/18/2023, UCLA Tax Law and Policy professor and former Biden Administration official Kimberly Clausing testified before the Senate. Louisiana Republican Sen. John Kennedy grilled the progressive tax law professor about why so many wealthy people are fleeing New York City.

other clips of this published longer video is here: <a href=“https://youtu.be/SqUjEVkYjL4\” rel=“nofollow”>https://youtu.be/SqUjEVkYjL4

McBride: throwing out very basic law of demand, fundamental idea in economics, prices matter, the costs matter

Key Points

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#shorts McBride: “Uh, yeah, I agree

• I mean, um, I mean the thing about taxes that we’re talking about is there a cost or a price, and so claiming that the cost or price doesn’t matter is essentially throwing out the very basic law of demand, basics, the basic, uh, fundamental, uh, idea in economics: the prices matter, the costs matter
• Kennedy: See, this one, this is what this always boils down to, and there’s no, there’s no way we’ll ever agree
• Okay, but at least two of you believe that government, all things being equal, can spend a dollar better than people can