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VIDEO FEATURE: Heck Debates Malcolm on Porn & Santorum 

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Friday, December 17 2010

I believe that I am rich.but not in the sense that we define material wealth in the United States.  In other words, I have no yet attained that level of success that Barack Obama and the Democrat left declare that I am no longer worthy of keeping my money.  I don't make $250,000 a year, or whatever the arbitrary number is that they've drawn today in their endless efforts to inflame class warfare for their own political gain.


With that as a disclaimer, allow me to express to you how ticked off I am - and how ticked off all of us should be - with the unbridled hatred so many on the left have for those who have attained wealth.  It's a clinical condition for most of them.  They seethe with hatred for the wealthy.  And I don't get it.


Michael Tanner has provided some very interesting facts about these "hated" individuals that if the left had any self-respect, they would pay attention to:


Politicians often divide Americans between "the rich" and "working people," implying that the rich don't work for their money. Complaining about the tax deal, Rep. Jim McDermott (D., Wash.) contemptuously referred to the rich as "trust-funders," suggesting that most had done nothing to earn their wealth. But in reality, roughly 80 percent of millionaires in America are the first generation of their family to be rich. They didn't inherit their wealth; they earned it.


In fact, several studies indicate that the rich work very hard for their wealth. For example, research by professors Mark Aguiar and Erik Hurst found that the working time for upper-income professionals has increased since 1965, while working time for low-skill, low-income workers has decreased. Similarly, according to a study by the economists Peter Kuhn and Fernando Lozano, the number of men in the bottom fifth of the income ladder who work more than 49 hours per week has dropped by half since 1980. But among the top fifth of earners, work weeks in excess of 49 hours have increased by 80 percent. Dalton Conley, chairman of NYU's sociology department, concludes that "higher-income folks work more hours than lower-wage earners do."


Research by Nobel Prize-winning psychologist Daniel Kahneman showed that those earning more than $100,000 per year spent on average less than 20 percent of their time on leisure activities, compared with more than a third of their time for people who earned less than $20,000 per year. Kahneman concluded that "being wealthy is often a powerful predictor that people spend less time doing pleasurable things and more time doing compulsory things."


The rich are not sitting by the pool, sipping their cocktails; they are sitting in their offices, working their behinds off.


Tanner also does an excellent job of demolishing the foolish lie of the left that the rich need to pay their "fair share."

We also hear constantly that the rich need to "pay their fair share." But the rich already pay a disproportionate share of taxes. The richest 1 percent of Americans earn 20 percent of all income in America but pay 38 percent of income taxes. The top 5 percent earn slightly more than one-third of U.S. income while paying nearly 59 percent of income taxes. One might suggest, therefore, that the wealthy already pay nearly double their "fair share." Of course other taxes, such as payroll taxes, property taxes, sales taxes, and the like, tend to be more regressive, mitigating this somewhat. But even if you include all types of federal, state, and local taxes, the wealthy pay a higher proportion of taxes than their share of income would warrant.


The rich give back involuntarily through taxes and voluntarily through charity.


Households with more than $1 million in income make half of all charitable donations in this country. That totaled more than $150 billion last year.

Tanner goes on to point out the left's contradictory position that: a.) the rich spend their money frivolously (so they don't deserve to keep it) and b.) the rich won't spend their money to stimulate the economy (so they don't deserve to keep it.


It's really amazing to observe the vitriol and hatred the left so freely espouses towards a group of Americans that are easily defined as some of the hardest working, most charitable people in the country, whose investment and diligence continues to create jobs and opportunities for those who largely are not working as hard.


But such an honest assessment of this group doesn't score you nearly as many political points as playing on people's base emotions of envy and jealousy.  That's more profitable in the ballot box, so that's the way the left plays it.


By doing so, they continue their war against individuality, hard work, and the American Dream.  It's the class ant and grasshopper fable.  But unfortunately the left is committed to turning this fable into reality and by punishing success, bring this civilization to its knees.

Posted by: Peter Heck AT 07:15 am   |  Permalink   |  0 Comments  |  Email

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