https://www.theeditors.com/p/wall-street-journal-fuels-sanders-socialism-gabriel-zucman-billionaires?utm_source=post-email-title&publication_
My morning Wall Street Journal had a box on the front page with a graphic headlined “The Rich Get Even Richer,” teasing a news article inside under the headline “Richest of Rich Gain $1 Trillion.”
That eight-paragraph article on page two included six paragraphs that contained mention of or attribution to Gabriel Zucman, an economist at the University of California, Berkeley. The page-two graphic, which is bigger than the story, is also attributed, in fine print, to “Gabriel Zucman, analysis of Forbes, Fortune, and Federal Reserve data….”
This is garbage on so many levels it’s hard to know where to start.
For one thing, Zucman is just one economist of many, and he’s not super-credible. The New York Times reported in 2020: “Other economists, including some who held top jobs under past Democratic presidents, have attacked Mr. Zucman and Mr. Saez over their research methods, their policy conclusions and their data. Conservative economists say their proposals would cripple economic growth. Last year, the faculty at Harvard’s Kennedy School of Government voted to offer Mr. Zucman, 33, a tenured position. But Harvard’s president and provost nixed the offer, partly over fears that Mr. Zucman’s research could not support the arguments he was making in the political arena, according to people involved in the process.”
For another thing, the present tense of the front-page and page-two headlines isn’t supported by this year’s reality, at least to date. The richest of the rich have taken a hit this year so far owing to the stock market downturn related to the Trump tariffs, Congress’s slow motion on a tax cut bill, the Federal Reserve’s decisions to stop cutting interest rates since Trump’s inauguration, or whatever else you want to blame it on. Zucman wants to talk about how much richer the rich got in 2024 because it supports his policy agenda of raising taxes, but he doesn’t want to talk about how these same people saw their wealth plunge in 2025 because so much of their assets are at risk, tied up in stock of companies that they built. The Journal items would have been good headlines four months ago. Now, they read like old news. And anyone who has been on one of those Forbes lists can tell you how reliable or unreliable they are. They are not exactly chacarterized by super-high high precision. When I was at the New York Sun we once figured out that Forbes was counting Michael Bloomberg as worth $5 billion when the real number was more like $20 billion. In its prime, the Wall Street Journal did its own research on this stuff, rather than rely on some left-wing economist’s regurgitation of numbers from Forbes. Garbage in, garbage out, as they say in social science research.
I rolled my eyes and put the newspaper away. The editorial page is so strong—Ruth Wisse!, etc.—that I cut the news columns some slack.
Then I opened up X on my phone and saw Bernie Sanders, the socialist senator from Vermont, making a talking point out of the Journal story.
“Today in America, the rich are getting richer & working families are struggling. What is Mr. Trump doing about this? He’s getting ready to give tax cuts to billionaires while making it harder for Americans to access the Medicare, Social Security & veterans benefits they earned,” Sanders posted, with a screenshot of the Journal story and the “WSJ” logo.