Sep 292010
 

The largely successful demonization of “the rich” is unfortunate and extremely destructive.

(Note:  if you make $249,999.99 annually, you are not rich.  If you make $250,000 annually, you are.  I hope you find this helpful.)

Dig:

The government destroys wealth.  Private citizens create wealth.

One big way they do this is by employing other private citizens.  They can’t employ other private citizens without starting a business or expanding an existing one.  They won’t start a business or expand an existing one with a president so philosophically hostile, and a Congress so legislatively hostile, to commercial interests.

That is why many individuals and companies are sitting on many billions of dollars, instead of growing businesses (and improving the employment picture) with it.  See, right now, at least they have the cash.  They’re getting next-to-nothing return on it, but they have it.  Why would they risk it in such a tax- and regulation-happy environment?  They’re waiting the Obama administration out.

That is one big way our Congress, and our president, are prolonging the current economic malaise.

That is one big reason you should vote them out.

Beyond that—and carry this forward with you for the rest of your days—stop demonizing “the rich.”  Cutting their throats is cutting all of our throats.

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     Posted by at 7:26 pm

      6 Responses to “The fate of “the rich” is the fate of us all”

    1. Saw snippets of an interview with Donald Trump. He made a similar comment about the banks sitting on their cash because it was not in their best interest to risk loaning it, resulting in no growth. He also pointed out that the *really* rich people think internationally and that if our federal government keeps coming after their money, that they will go live in a different country and take their assets with them.

    2. *trying to remember the last time a poor individual gave me a job….*

    3. Lea, I was peripherally aware of that, because I’ve encountered somewhere in the past couple of days a discussion about state income taxes targeting the upper brackets. Guess what? The upper brackets move. :-)

      ‘seester, love it. I’m certain I’ll use that at some point.

    4. 32 days…. just 32 more days….

    5. I’ve never gotten a job from a poor person either, ‘Seester.

      Also (and I’m obviously not speaking from personal experience) $250,000 a year is NOT a lot of money in some pockets of the country. Ask any slob in NoVa.

    6. Jenny, even fewer now! :-)

      Kemtee, about ten years ago I worked with a talented software consultant who was delighted to be offered a salary of $225,000.

      In Manhattan.

      Oh, he was about to pop, he was so excited. I said “man, I don’t want to be a wet blanket, but you need to take a good hard look at what it costs to live there.”

      It took him about one day to decide that $105,000 in northern Alabama was a lot more money.

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