Wednesday, December 30, 2020

The new rich

The big complaint about free market capitalism is wealth inequality. For many this makes America seem like some evil country that needs to be over thrown and replaced with a system that is more fair. The solution favored by many is to take the money away from the wealthy and the arguments are about how to do it. This leaves the other side of the equation left untouched. Would a better approach be to find ways to add more wealth to those who are not rich. It feels like some would be more comfortable if everyone were poor as long as it was everyone. This is a feeling that many recall from the depression when they say we were poor but so was everyone else. A better plan is to place the emphasis on growing the economy and providing better jobs for working people. Release the entrepreneurs to use their creativity to create new business and if they make a lot of money so be it. The many young whiz kids who become billionaires are somehow depicted as cheaters. Apple has 90,000 employees with an additional 2.4 million in their supply chain. Amazon has 800,000 employees. Most of the jobs in the US today were not here 50 years ago. How many new jobs will there be in 50 years.

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