Wednesday, October 22, 2008

Will the "rich" stand still while getting dumped on?

Not likely.

The overwhelming majority of "rich" are NOT greedy, uncaring, uncharitable people who victimize those below them on the economic ladder. They are, in fact, rich because they produce proportionately more goods and services; goods and services which are then available to everyone.

The overwhelming majority of "poor" are not immoral, lazy laggards who are looking for a handout or are the victims of a class conspiracy. They are, in fact, poor because they are proportionately less productive.

The key to prosperity for everyone is to learn the skills, and have the capital available, to be more productive.

Income inequality has increased worldwide but it is not the result of class warfare. It is the result of fast changing technology and highly mobile capital and a global marketplace that quickly rewards efficient production and penalizes inefficiency. NOW is the time to respond with world class education, not bureaucracy and teacher union driven mediocrity. NOW is the time to encourage risk taking and innovation, not to destroy incentives.

EVERYONE is penalized when you penalize productivity. This resurgence of class envy politics will kill our productivity and destroy our economy.

Link

The economic tides will not stand still while Washington experiments with European-type social democracy, even though the dollar's role as the global reserve currency will buy some time. Our trademark competitive advantage will be lost, and once lost, it will be hard to regain. There are too many emerging economies focused on prosperity and not redistribution for the U.S. to easily recapture its role of global economic leader.

Tomorrow's children may come to question why their parents sold their birthright for a mess of "fairness" -- whatever that will signify when jobs are scarce and American opportunity is no longer the envy of the world.