Why I Hope the Rich Get Richer

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by Katie Kieffer

Insecure business moguls like Warren Buffet occasionally spout anti-affluence nonsense like the rich “…should be paying a lot more in taxes.” If Buffet won’t defend the rich, I will. I love rich people. I wish them well and I hope they get richer.

I specifically love rich people who live in a capitalistic society like America. The richer they become, the richer, healthier and happier everyone else becomes. Unlike rich rulers in a monarchy or, worse yet, wealthy dictators, American capitalists are the average person’s best friend and entrepreneurial inspiration.

Wealthy Americans do not rule over other Americans. The Constitution does not grant them special privileges or royal titles. Unlike Queen Victoria, who tried to tap into a fund for low-income families to heat Buckingham Palace, rich Americans don’t receive public funds to heat their mansions.

Let’s say you bump into your old college roommate at a baseball game and you ask him how he’s been. He says, “I’m doing well. I started my own tech firm. I’ve hired a little over 500 hundred people. Oh, and remember how I was always so frugal? Well, I broke down and bought a Lamborghini. I’ve always wanted one. I figure I’ve earned it.”

Unless you’re Michael Moore, you wouldn’t hate his guts. You wouldn’t jealously snap, “Well, I’m glad you’re having fun making piles of money and splurging on yourself.” You would be happy that he pursued his passion, worked hard, took risks and is now helping hundreds of families put food on their tables.

When new innovators rise to achieve wealth and when the already-rich get richer, it’s a sign that the economy is thriving and public policies are business-friendly. The markets are healthy. Inflation, interest rates and taxes are typically low.

Most mainstream journalists do not understand wealth. For example, TIME Magazine columnist Bill Saporito says, “The wealthiest 5% earn 21.7% of the nation’s income but spend proportionately less of it than average folk. That’s logical and also explains why the former save more than the latter and thus become wealthier.”

But money has to come from somewhere. You don’t just stumble upon a billion dollars. You create a billion dollars by taking risks, persevering and working hard.

Even if you inherit all of your money, someone worked hard at some point to create it. For example, if Facebook founder Mark Zuckerberg’s future children or relatives inherit his wealth and become rich, their luck does not negate the work and innovation it took for Zuckerberg to build his wealth.

Simply saving money does not magically yield more money, as Saporito infers. No one increases their wealth by hoarding it under a pillow. At the end of the day, wealthy people—whether they are self-made or heirs—must take some level of risk by investing their money if they wish to become wealthier.

When wealthy Americans are confident in the economy, they invest more aggressively, they expand their businesses faster, they lend more generously and they spend their wealth more freely. This behavior produces innovative technologies, loans and jobs so that millions of other people have access to homes, cars, vacations, higher education and high-tech toys.

This summer, affluent parents flying their children to week-long summer camps in private jets took heat from the mainstream media for supposedly over-indulging their children—while the rest of the country struggled with unemployment, foreclosures and rising food prices.

In reality, when a wealthy person drops a few grand on a “luxury” like a round-trip private plane rental, they enrich ordinary Americans by supporting their businesses. An Augusta State Airport manager, Dale Kilmer, told the New York Times: “We have 50 to 60 jets up here in just that one day (when campers flew in).” Ordinarily, the airport caters to just a handful of private planes per day.

We hurt ourselves by envying, over-taxing and slandering the rich. Anti-wealth public policies will only persuade independently wealthy Americans to shut down their businesses, stop hiring and retire early to their hammocks in the tropics. On the other hand, if we “love” the rich, we will receive the love back in the form of ample jobs, loans, innovations and investments.

Let’s love the rich—and the aspiring rich—by implementing pro-business tax reform that motivates them to take risks, invest and create jobs. For, as Justin Timberlake sings:

“What goes around, goes around, goes around

Comes all the way back around”

Katie Kieffer is a conservative multimedia personality, writer and public speaker who runs KatieKieffer.com.

http://townhall.com/columnists/katiekieffer/2011/08/01/why_i_hope_the_rich_get_richer/page/full/

[웃 910]

[Mr. Big Dog 10,747]

So she still worships at the altar of trickle down economics. Some people just never get the message that some hoaxes they've been sold are just that - hoaxes. But hey, she can stand ready to shine some rich guy's shoe and call it opportunity all she wants. The joke's on her.

[Usui Takumi 1,562]

I have worked for the Forbes list type in the past. One thing many have in common is the fact that their wealth gives them serious leverage within our legal system. You might have a iron tight contract, the best records in the world but its still not worth taking them to court when they fail to pay because they can outspend and outlast you every time.

Ironically it means the wealthier you are, the cheaper you can get things.

Edited August 1, 2011 by Sousuke

[Mr. Big Dog 10,747]

I have worked for the Forbes list type in the past. One thing many have in common is the fact that their wealth gives them serious leverage within our legal system. You might have a iron tight contract, the best records in the world but its still not worth taking them to court when they fail to pay because they can outspend and outlast you every time.

Ironically it means the wealthier you are, the cheaper you can get things.

Not just that. There was this erroneous statement in the piece: Wealthy Americans do not rule over other Americans. Makes me wonder where this person lives.

[Sofiyya 1,687]

This "analysis" is rather simplistic. Being rich doesn't equal being smart or managing well a large company. One company that I've consulted with in the past makes billions for its top echelon. Yet, it is one of the worst managed companies I've ever seen, product wise and personnel wise. It loses lawsuits left and right, offers low pay, and garners tons of ill will. Yet, it keeps making its idiot leaders richer and richer because it fills a niche.

Edited August 1, 2011 by Sofiyya

[slim 1,514]

As we say in the hood - "It takes money to make money."

But, without a doubt, this is the easiest place in the world to get rich. It's so easy to earn a BUNCH of money in this country and use it to invest in your future. If people are mad at someone else for doing that, too bad. They should've used the opportunities they had and done something with it.

Not just that. There was this erroneous statement in the piece: Wealthy Americans do not rule over other Americans. Makes me wonder where this person lives.

How is that erroneous?

You can choose to abstain from being a part of hierarchy and make your own way in this country. We're all relatively rich so wealth is only measured by oneself.

[Mr. Big Dog 10,747]

This "analysis" is rather simplistic. Being rich doesn't equal being smart or managing well a large company. One company that I've consulted with in the past makes billions for its top echelon. Yet, it is one of the worst managed companies I've ever seen, product wise and personnel wise. It loses lawsuits left and right, offers low pay, and garners tons of ill will. Yet, it keeps making its idiot leaders richer and richer because it fills a niche.

That's right. Remember the Home Depot CEO that was ousted for poor performance with a $200MM+ golden parachute and then went on to apply his "skills" as CEO and helped tank Chrysler? That is the issue I have with this whole false notion that being paid grand means you are actually bring value to the table. All too often, that's simply not the case. Some folks can only fall up. Gravity somehow doesn't apply to them. I've seen top executives of several firms I worked for ousted for poor performance with huge packages and all of them ended up in top spots in other corporations. They scratch each others backs is all it is.

[Mr. Big Dog 10,747]

How is that erroneous?

You can choose to abstain from being a part of hierarchy and make your own way in this country. We're all relatively rich so wealth is only measured by oneself.

Because they get to buy legislation. They brought us the ridiculous tax code we have. This ain't the people's work. But you can't really elect not to participate unless you turn your back on the country altogether. This is the work of the ruling few - those ruling few not being the guys in Congress. Congress is just a puppet show in this game.

[Bad_Daddy 2,209]

That's right. Remember the Home Depot CEO that was ousted for poor performance with a $200MM+ golden parachute and then went on to apply his "skills" as CEO and helped tank Chrysler? That is the issue I have with this whole false notion that being paid grand means you are actually bring value to the table. All too often, that's simply not the case. Some folks can only fall up. Gravity somehow doesn't apply to them. I've seen top executives of several firms I worked for ousted for poor performance with huge packages and all of them ended up in top spots in other corporations. They scratch each others backs is all it is.

[Brother Hesekiel 2,235]

I don't have a problem with capitalism at all. I not only want the super rich and the rich to make money: I want everybody to make money. For every CEO who buys but one Italian Lamborghini, I want 10,000 Americans to buy 10,000 new American Automobiles!

If one makes very little, he or she should not be taxed at all. Once the income rises to a comfortable level, a small amount goes to income taxes. As the income rises, so do the taxes. Somebody who makes $5,000,000 per year, needs to pay at least half of that income in taxes, and if they don't like it, they have the option to invest part of their income in the U.S. economy, not as a write-off, but as an investment, a real one.

The first real achievement for the American people came when F.D.R. was voted into office. Being born with a golden spoon in his mouth but hit hard by contracting Polio at the prime of his life and being disabled henceforward, he felt what it's like to be hurt and at a disadvantage and thus has to be credited with what we would call the social net today.

The first real blow came when cowboy Reagan introduced the trickle down economics. Since then every President was selected and funded by the almighty corporations, Clinton and Obama included, and as a backup they have appointed Supreme Court judges who gave corporations the rights of a person, but without having to pay income tax, of course.

As long as we have the Corporate Party of America in power, this country will go downhill until We the People will get up from the couch watching Jerry Springer and create a change we can believe it.

Edited August 1, 2011 by Just Bob

[slim 1,514]

Because they get to buy legislation. They brought us the ridiculous tax code we have. This ain't the people's work. But you can't really elect not to participate unless you turn your back on the country altogether. This is the work of the ruling few - those ruling few not being the guys in Congress. Congress is just a puppet show in this game.

Who votes for congress?

Last time I checked, you can't buy votes. I know americans are dumb enough to vote for whomever they see has the most billboards or whomever promises to give them more welfare money. But, it's not like someone running for congress hands them $500 to get their vote. We have a secret ballot and everyone is guaranteed their vote counts.

The only thing that will turn all this around is for us to elect representatives who take our interests into account. Until we do that, it's more of the same. We're absolutely stupid for letting it happen but it's nobody's fault but our own.

[Nina~ 431]

The first real blow came when cowboy Reagan introduced the trickle down economics. Since then every President was selected and funded by the almighty corporations, Clinton and Obama included, and as a backup they have appointed Supreme Court judges who gave corporations the rights of a person, but without having to pay income tax, of course.

As long as we have the Corporate Party of America in power, this country will go downhill until We the People will get up from the couch watching Jerry Springer and create a change we can believe it.

I work for one of those corporations that claim a negative tax liability. They are currently building a state-of-the-art manufacturing center in Shanghai which will run 3 shifts of 600 skilled workers (1800 total). Moreover, they are bringing Chinese engineers here on H1B visas to act as a liaison between us and the manufacturing center in China. So yeah, trickle down policy doesn't really benefit middle-class Americans when everything is trickling down to China.

[slim 1,514]

I work for one of those corporations that claim a negative tax liability. They are currently building a state-of-the-art manufacturing center in Shanghai which will run 3 shifts of 600 skilled workers (1800 total). Moreover, they are bringing Chinese engineers here on H1B visas to act as a liaison between us and the manufacturing center in China. So yeah, trickle down policy doesn't really benefit middle-class Americans when everything is trickling down to China.

If Americans would work for less money, sure it would.

[Usui Takumi 1,562]

If Americans would work for less money, sure it would.

I think that would be roughly 1USD an hour right?