Gramm: The biggest US-Europe difference is allowing creative destruction
Phil Gramm · Economist Vs. Billionaire: How The Myth Of Income Inequality Is Dividing America · Joe Lonsdale · Oct 25, 2024 · at 27:38
Economist and former U.S. Senator Phil Gramm compares economic dynamism in the United States and Europe in a conversation with Joe Lonsdale.
0:00 / 0:10exact quote · 10.7s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“The biggest difference between America and Europe today is we allow creative destruction. They try to impede it.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Phil Gramm
Gramm: Comprehensive Accounting of Taxes and Transfers Puts US Poverty at 2%
“If you count all transfer payments and taxes, only about two percent of Americans are poor, and most of those are people that have got a problem.”
Gramm: Real Top-to-Bottom Income Ratio Is 4:1, Not 16.7:1
“When you count all the transfer payments, you count all the income the census doesn't count, and you take into account taxes, the ratio of the top to bottom is four to one, not 16.7 to one.”
Phil Gramm: US Inequality Is Lower Today Than in 1947 After Transfers
“Actually, if you count all transfer payments and taxes income inequality is lower today than it was in 1947.”
Gramm: ProPublica fabricated income metric for Buffett tax calculation
“They took his actual taxes, but they didn't take his actual income. They made up an income by saying what would his income have been if he sold every asset he owned every year and paid taxes on it.”