Former Sen. Phil Gramm, R-Texas, had some time to kill during the pandemic so he wrote a new book that dropped earlier this year. Gramm has always argued...
Texas Republican pushes back on eat-the-rich rhetoric, says American income inequality is overstated.
Gramm cites Scrooge and the real-life billionaire investor Buffett as examples of wealthy but personally frugal businessmen who have been vilified by those ungrateful for their contributions to society. Gramm earned a Ph.D. in economics from the University of Georgia and served as an economics professor at Texas A&M University before going into politics.
“There are certainly people who are physically or mentally unable to care for themselves and have fallen through the cracks in the system that delivers transfer payments, but, for all practical purposes, poverty due to a lack of public or private support has been virtually eliminated in America,” Gramm writes.
He also faced criticism for his role in banking de-regulation some blamed for the 2008 financial crisis and its ensuing recession., wrote a New Republic article taking issue with Gramm’s approach. “Now, I have old man values,” Gramm said. “I still work. I lie and say my wife makes me work because she wants money but the truth is I like working.”Fiscal responsibility
He stressed that he’s not pushing to eliminate anti-poverty programs altogether, but rather to ensure they have robust work requirements that will prevent people from becoming overly dependent on that support.
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