Rivals for the 2020 Democratic Presidential nomination Senator Elizabeth Warren (D. MA) and “Mayor Pete” Buttigieg (D. South Bend IN), have taken to firing at each other over the issue of transparency. Each is busy pretending that other has failed to produce sufficient detail with respect to past earnings, although neither has explained why it matters other than to drop dark hints about corruption.
The real reason has nothing to do with corruption, for which there is no evidence whatsoever. It is actually part of the ongoing progressive rhetorical war on success and embrace of the politics of class war and resentment. They are each afraid that their past employment and the amounts they earned will make them appear “elitist”. Which, of course, they are. And to quote Jerry Seinfeld: not that there is anything wrong with that.
To put the absurdity of all this in context let’s take a look at the numbers. Elizabeth Warren disclosed that she earned about $1.9 million over the last 3 decades from legal work she earned while moonlighting. That is about $63,000 a year, not adjusted for inflation; hardly an amount to get excited about. After all she earned those rather modest fees by providing legal services. But apparently the word “earn” is verboten in progressive circles for anything over the minimum wage.
In response to pressure, Peter Buttigieg prevailed upon previous employer McKinsey & Co to allow him to disclose details of his work at the consulting firm during his tenure there from 2007 – 2010. In 2019 compensation at McKinsey for new employees with an undergraduate degree included a base salary of $85,000 and a maximum bonus of $20,000 with a cap of on total cash compensation of $105,000. For MBAs and PhDs the respective numbers are: salary $165,000, bonus cap $65,000 and total compensation capped at $230,000.
Those numbers are fairly modest by Wall Street standards, given the level and quality of educational attainment. But they are sufficiently high to stir up resentment among Democratic Party primary voters. So consider this absurdity: while the Democratic Party has increasingly attracted highly educated, highly compensated voters (largely because the Republican Party is pushing them out the door) the party’s progressive base has taken to launching vituperative attacks on highly educated, highly compensated citizens.
This little intramural war does raise a substantive question though. As they battle for the Party’s nomination, is it possible that Elizabeth Warren and Peter Buttigeig actually believe the economic nonsense they are trying to peddle? Are they really ashamed of the relative success they have achieved in their respective careers? Does Elizabeth Warren actually really truly believe that a vibrant society can co-exist with the central planning she proposes for roughly everything? Does Peter Buttigeig seriously believe that a society of 330 million people with a $20 trillion GDP needs Mayor Pete’s Power Point managerial socialism and an ever expanding bureaucracy to attack the fundamental issues that America needs to address? It would be closer to the mark to say that the “solutions” offered by Warren and Buttigieg et.al. are more likely a source of the problem, not the answer.
It ought to be painfully obvious that all society’s have elites. Some are market based and are therefore more likely than not to be meritocracies; others are based on some variation of the Divine Right of Kings and depend on courtiers to run the show, which seems to be the direction in which the Democrats are headed.