Wealth in our economy...

Wealth in our economy does not come from taking from others. The generation of wealth inures to the benefit of all of the economy. Liberals tend to see a finite pie where if someone does well it means someone else has less. On relative terms within our economy that is correct. But on absolute terms and standard of living it is not. Are you worse off because Steve Jobs and Apple came up with personal computers and the iPhone? Because Bill Gates developed Microsoft and Windows? No.

 

All of us live in the richest society the world has ever known. Successful people and companies are not taking wealth from the poor and indolent. They are creating a wealthier society. Would you like to live at the level of say 20% of median wealth in an African or Asian or even European Country or 10% in the US? You are in the 20th percentile in most of Africa, you have probably never seen an iPhone and you are not sure how you or your family is going to eat tomorrow.

Comments

opher goodwin Added Dec 7, 2017 - 3:24am
The economy is a finite sum. America, as the world's largest economy, has people living under flyovers with a life every bit as bad as undeveloped countries.
Inequality grows and Apple and Microsoft work at ways to make people poorer by addicting them to their services. It's called consumerism.
Public services in the States are appalling unless you are in the top end and can afford private care and education.
Huge numbers of people are in low pay chasing their own tails to get by while the wealthy are becoming wealthier.
Future does not look healthy. Automation and globalisation will put more money into fewer pockets and chuck millions more on to the scrapheap.
It needs an overhaul. The model doesn't work any more.
The Burghal Hidage Added Dec 7, 2017 - 3:41am
Opher -  Stick to biology.  The economy is NOT a finite sum. If you continue to labor under that gross misconception you'll never get it all sorted!
Jeffry Gilbert Added Dec 7, 2017 - 4:37am
Rah rah rah sis boom bah go team go we're number one USA USA USA BLAH blah blah.
George N Romey Added Dec 7, 2017 - 10:05am
While I believe any economy has limitations I don't believe its finite.  People at the beginning of the 20th century marveled at the telephone, motion pictures and the new automobile.  Yet they could have never conceived television, the Internet, modern jets..  Unfortunately due to greed advancement of innovation has all about stalled.
Riley Brown Added Dec 8, 2017 - 7:30pm
There is one great equalizer, coffins don't have pockets so even the wealthiest people can't take their money with them so they SPEND most of it or GIVE IT AWAY to other people who spend it.
 
The presumption that society will be better off if we make wealthy people give their money to the government, (taxes) presumes the government spends it more wisely than rich people spend it and I've not see that to be true.
 
The rich people carefully select the things they want to spend money on, or give it to usually expecting them to earn it.  The government usually seeks to give it away to people who don't have to earn it but according to the government are entitled to the free money.  I happen to think society is better off if people work for what they get.
 
Even the wealthy who pass down big inheritances do so to people who usually spend it in a generation or two, so it all goes back to the little people.
 
Those wealthy enough to create huge wealthy endowments like Hurst, Getty and others used their money to employ and army of people even generations after they died.  I'd like to see our government match that success.
The Burghal Hidage Added Dec 10, 2017 - 9:18am
Riley - Well said young man. Exactly right.