Liz Warren Tries to Defend Mamdani, Gets Schooled on Basic Economics

Elizabeth Warren went on CNBC to defend socialist New York City Mayoral candidate Zohran Mamdani, and got a lesson in basic economics.

"You mentioned Mamdani and you are in New York sort of speaking on behalf of him to a certain extent," Host David Faber said on CNBC's "Squawk on the Street." "New York does not operate in a vacuum. It competes with other cities. And so this idea of somehow raising taxes on the wealthiest New Yorkers, who, by the way, would point out pay roughly 15 percent of their income right now between city and state. Raising taxes on them will simply drive them away."

"Shouldn’t the focus of a mayor be on delivering services to the constituents of the city and doing that by raising the most revenue as possible without chasing businesses and the high-income taxpayers out of the city?" he asked. "Because they can go to Austin. They can go to Dallas. They can go to Atlanta. They can go to Nashville. This is your issue. It’s a national issue, not a local issue."

"Oh dear, are you worried that billionaires are going to go hungry?" Warren mockingly responded.

"No, I’m worried that they’re going to leave and spend their money elsewhere!" Faber hit back at her strawman.

And people are leaving all across the income spectrum at among the highest rates in the nation. 

Furthermore, a Bloomberg report found that 158 companies managing nearly $1 trillion in assets left New York between Q1 2020 and Q1 2023, with many heading to lower-tax states like Florida and Texas. 

Among the billionaires that have jumped ship include legendary investor Carl Icahn, hedge fund managers David Tepper, Daniel Och and Paul Tudor Jones, Washington Commanders owner Josh Harris.

Meanwhile, the NY Post wins the day with their headline on the Warren-Mamdani relationship.