THANK GOD FOR THE RICH

Although I’m not one of them, I am very grateful to God that there are those with enough money to keep our economy rolling. They may be rolling in cash, but they don’t simply swim in it like Uncle Scrooge.

According to CNN, 59% of the very rich give to charity, and their gifts total more than thousands of ours combined. In addition they are involved in Business, Finance, Manufacturing, Technology and Construction.

Of course they cannot do all of this work alone, so they hire and pay employees. These workers support their families, pay taxes, and purchase goods and services that help our national economy. Thus the wealth of the ultra-wealthy is distributed to and through the rest of us.

Forbes Magazine had an article by John Tamny about the benefits we reap from the richest Americans. Some of the points are listed here.

“…rich people can claim the vast majority of investable wealth in this country, and because of it…their savings and investment create the vast majority of jobs.”

 “Since they have income that they don’t consume, their excess goes into banks and brokerage accounts so that businesses can access capital to grow and hire.”

“Banks don’t pay interest on money only to warehouse it, rather they lend it out… they merely shift it to others, including middle class individuals who borrow it to buy a house, a car, clothes for their kids, or best of all, access the savings of the rich to start a business.”

“Employers have no choice but to share the wealth, and that’s the case because if they don’t pay what the market will bear, their profits will shrink even more due to turnover.”

“Once again, there are no companies and no jobs without investment first, and the more money we leave in the private economy, the more money there will be chasing workers. Taxes logically reduce the amount of capital available, and as such are very anti-worker.”

Although it sounds like a good plan, when the government takes from the wealthy the tax bill trickles down to the rest of us.

                                     COPYRIGHT 2019 BY CARL E GUSTAFSON