Monday, April 30, 2012

Villagers with Torches

So let me get this straight.

We're going to tax the richest Americans at a considerably higher rate and let government employees decide where that money is best spent?

Haven't we seen this movie before?

That Turnip Truck that just accidentally dislodged a human occupant...that wasn't me. I'm well aware this fine nation has untold numbers of idiot sons and daughters who were born on third base but are convinced they hit a triple. A fortuitious birth is the only reason they have great material wealth. Then there's the other group of very high income earners who's only real achievement was, as Woody Allen once advised, just showing up. It's hard for anybody-not just the poor- to look at them and not feel that life is inherently unfair. The bad news is life is unfair but the vast majority of America's poor would be considered rich in the developing world.

Less than 20 years ago, two esteemed scholars named Thomas Stanley and William Danko did the most comprehensive study on wealth ever conducted in US history. Their findings stunned everybody. More than half of Americans with a high net worth didn't inheret a nickel and are COMPLETELY self-made. They are almost all small business owners, they are job creators and, yes, many earn enough money to where they would get walloped by tax increases on "the wealthy".

These people do not keep their money under their mattress. They put their money to work, often investing in enterprise and endeavors that create jobs. They're pretty smart with their money considering they started with zilch-o and now have plenty.

So we're going to take their money and let government employees decide where it should go?

How about other high-income earners whose immense efforts increase the quality of life for everybody. The skilled physician, the astute engineer, the brilliant chemist or the job creating entrepreneur..just to name a few. So were going to take away the money they've earned and give it to the government so, in the words of our Commander in Chief, we "can spread the wealth around?".

What has history taught us about Socialism? Capitalism is hardly perfect but Socialism has miserably failed the human race because we are hard-wired in a way that decrees it to failure.

Back to the Turnup Truck: A reasonably intelligent Golden Retriever..umm...ah, ah..I mean politician...a reasonably intelligent politician who desperately wants to retain their power..umm...ah, I mean position and plays the populist game would read this and say this is not the group we're going to subject to higher taxes. We're after the Fatcats only, they'll tell you. That's horsebleep! The politician will tell you they're after the Commodities Trader and the Financier who makes millions and pays the same percentage in taxes as Warren Buffet's secretary.

People who make millions simply because they have millions or by gambling (e.g. stock and commodities speculation)'s easy to vilify them. As much as you may hate them, the majority busted their behinds in their studies and later in their work. Most are unmitigated workaholics. A great deal of the money they spend or invest fuels the economy EXPOTENTIALLY more effectively than money acquired via taxing and spent by the government. I do belive this particular group should pay more but lets lose the "villagers-with-torches mentality". It's illogical groupthink that has no basis in reality.

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