Rich People’s Tantrums: A Society Ruled by “Big Babies”
Following the nomination of democratic socialist Zohran Mamdani in the New York City mayoral race, warnings of an exodus of wealthy residents and businesses began to circulate, with figures like Bill Ackman threatening to fund an opponent. Despite these threats, studies have shown that high-earner outmigration from New York has not increased, and those who do leave often relocate to other high-tax states. However, the article acknowledges the potential for capital flight and disinvestment if progressive policies threaten the interests of the wealthy, highlighting the power dynamic where the interests of elites can undermine the democratic will of the people. Ultimately, it argues that the current system requires catering to the anxieties of the ultrarich, a situation that is not befitting a democracy.
John Q. Hosedrinker