New York under Mamdani is going welfarist in a big way but is the mayor playing with fiscal fire?
To a degree, this is understandable; this is the richest society in the world. America should provide people with a minimum standard of living. And wealthier people are better positioned to pay a higher tax, even if they already pay a very large share of taxes, and there is only so much more you can tax them. A large welfare state can be justified because it reflects how much we, as a society, value security over growth, the collective good over individual flourishment.
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