American Elephants


Be Grateful for Income Inequality. It’s a Precursor Of The American Dream. by The Elephant's Child

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The United States government spends over a trillion dollars a year that it doesn’t have. To make that number go away, you either have to reduce spending or increase revenue.

Our wealthiest citizens, the top 20% of the economic pie, pay 70% of all taxes. The poorest 20% pay 3/5ths of one percent of all taxes. So we have to raise taxes on the wealthiest citizens to be “fair” or “balanced.”

There is, however, a problem. If you confiscate the entire wealth of the richest citizens — every penny the  Forbes 400 have — it would cover one year’s federal deficit.

Raising tax rates on everyone in the top 2% of the wealthiest citizens would not cover one year’s federal deficit.

Washington borrows $188 million every hour.

I wrote this down a while back, I’m not sure just how long ago, but I can assure you that nothing has improved.  Food for thought.

—  How You, I, and Everyone Got the Top 1 percent All Wrong by Derek Thompson, The Atlantic

—”Greedy’ Rich Actually The Most Generous Among Us” by Kerry Jackson, Investors Business Daily

— Obama orchestrated a massive transfer of wealth to the 1 percent,” by Matthew Gray, New York Post

There is, of course, an answer. Wealth is created by the free market and capitalism. Free people are endlessly inventive, and the hope of improving your financial situation, making a new idea the next big thing, becomes in a free market the opportunity to succeed. Where did Uber come from? Or telephones unconnected to phone lines that are actually tiny computers keeping track of everything and entertaining you as well?

Getting rich or richer, improving your situation, or changing your life is commonplace in America, yet in many parts of the world it is impossible to move beyond the status into which you were born. I cannot understand why the Left cannot think beyond “income inequality.” They are still stuck back in the French revolution railing against the opulence of the King and all his court. “It’s not fair” they whine.

Some people simply want to get rich —  that probably accounts for all the Powerball tickets sold. Some want to accomplish something worthwhile. Some want to move to a better neighborhood. Some want to build something important, others want to discover something new. If you know or are convinced that you can never move beyond where you are — I guess envy is all you have left.


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[…] specialize in a gloomy outlook, from which they promise to rescue you by giving you more stuff, but wealth is created by the free market and capitalism. Free people are endlessly inventive, and the hope of improving […]

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