In my book “Rage and the Republic,” I discuss the rise of support for socialism in both the U.S. and Europe, including the election of Zohran Mamdani. The new mayor was elected on many of the same socialist mantras, promising to introduce New Yorkers to the “warmth of socialism.” Now elected, he is discovering the problem of, as Margaret Thatcher put it, “running out of other people’s money.” Mamdani has announced that he may have to implement “painful” property tax hikes, including a potential 9.5% increase that would devastate an already struggling economy and accelerate the exodus of high-taxpayers from the state. Continue reading “Mamdani and Other People’s Money” →