I just heard old Bernie talk about the great transfer of wealth over the last thirty years from the middle-class to the top 1/10th of 1% of Americans.
Listening to that rhetoric makes it sound like there is a finite pool of wealth and that some Americans have grabbed from others.
Americans have created new wealth, stock markets have risen and fallen and risen again. New industries have been created, new jobs created. In the process life has been made better and easier for most Americans. How is all this bad?
What prudent American does not have the opportunity to participate in this at some, albeit modest level?
If I invent some new product or service and create new jobs and opportunities is that bad?
Now in the process I establish a public company and issue stock and give myself millions of shares. That stock grows in value if my company is successful and I find myself with a networth of several billion; am I now a legitimate target of Old Bernie?
Along the way other shareholders have prospered, perhaps including pension funds or mutual funds held by 401k plans. Employees have jobs that didn’t exist thirty years ago.
How did this process transfer anything from anyone to anyone else? In fact it created new wealth at many levels.
Old Bernie is the grasshopper who is envious of the ants and wants his share. So what is America, a colony of ants or irresponsible grasshoppers who merely want to take from others? 😟
Categories: My Opinion