Ever heard this, “The rich keep getting richer”? This comment is normally spoken with the underlying implication that such wealth increase is either illegal, unethical or at the least unfair. But I’d like to challenge that thinking.
A very wealthy man I once worked for postulated the following scenario, “What if we divided all the money in the country equally to everyone, then wait for ten years, what do you think we would find?” He declared those who have money now would have money then; and those who are poor now would be poor then. And I have to say, my life experience has proven him correct.
We see people receive windfall amounts of money from insurance settlements, lottery winnings, etc., enough money to clear up all debts and leave them with cash in the bank. Then we watch as they gradually spend themselves back into the same economic quagmire from which they had previously escaped. It is reported that 70 percent of the millionaire lottery winners end up bankrupt. This is an eye opening reality to consider.
It is clear evidence of two truths — first money doesn’t fix all problems, and secondly financial illiteracy is the root cause of poverty, not the absence of money. In the book, The Millionaire Next Door, two college professors conducted a study in the USA seeking to find out who these millionaires are and how they obtained their money. Their findings were astounding.
First, they discovered that 80 percent of America’s millionaires are first generation millionaires. In other words, they made their money in their own lifetime. They did not inherit their money as most assume. Instead they took risk, believed in themselves, worked very hard and created personal wealth; character traits, which used to be normal in America. Perhaps the most common attribute they found is that millionaires consistently spend less than they earn. What a novel idea.
In contrast, the Democrat party prefers government dependence to the American dream of self-reliance and personal achievement. They promote the confiscation of wealth and its redistribution via the Federal Government’s endless social programs. Their policies don’t promote economic education or risk taking. They would prefer to have everyone equally dependent on them.
Today 47 percent of working age American adults pay no federal income taxes at all. They are the dependent class who rely almost entirely on the government for housing, food, and the basic necessities of life (as well as many luxuries such as cell phones, beauty shop visits and the like). What happens when that class becomes the majority in America? Hey middle class coal miner; you’d better pay attention.
The only money the government has to give away is money it has first taken from someone else through taxation. The rich are a whole lot more financially intelligent than the rest of us, so when you vote Democrat so you can “stick it to the rich”, be very careful because you may be cutting a larger percentage from your own paycheck instead.
Gary Lee Corns