February 20, 2023
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Story by Greg Daugherty Published: September 26, 2016
Let Us Hear a Cheer for the Wealthy
It seems that when the subject of people with wealth comes up, the envious among us are quick to show contempt and ignorance. Just knowing people live in five million dollar homes, drive Bentley automobiles, fly Gulfstream airplanes, sail Fitzroy yachts sticks in the craw of ordinary people. It shouldn't though. As we often hear: When was the last time a poor person gave you a job?
So, just how many individuals among us are wealthy?
Forget the terms lower,
middle, and upper class for they are subjective and depend upon who is talking,
in what context and what axe the speaker has to grind. Instead, I prefer
discussing the value of billionaires and millionaires.
Everybody does something toward helping the economy when spending money, no matter the amount. When I spend just one dollar in a thrift store, somebody benefits in addition to me. Without my dollar and dollars from people like me, the thrift store management has no need to hire. Therefore, its employees become unemployed, at least for the short term.
It works the same throughout the country. That's why I like having a large
number of filthy rich people spending money. It's a fact that, in general,
people with lots of money spend lots of money. Wealthy people invest and save
money whether for a rainy day, retirement, education or whatever. The money
they invest and save finds its way to the economy; it creates and saves jobs as
does money spent directly on goods and services. That's a lot of money
considering billionaires and millionaires seemingly have an unlimited supply of
dollars to spend.
billionaires and millionaires, do all of us a favor as they create more jobs
either actively (taking risks associated with running a business) or passively
(spending at the consumer level) than do the rest of us. Instead of a $500
shopping spree once or twice a year, they likely go for $10,000 and more a
dozen or more times each year.
Wealthy people pump up the economy by providing jobs that otherwise would not exist. Take the Bentley for example. I was unable to find the number of workers required to build a Bentley but one can guess it's in the hundreds and maybe thousands when including employees of the various vendors involved in addition to Bentley employees.
We can say the same for all goods and services. Every time we check into a hotel, we utilize services of the hotel's employees. The more we check in and the longer we stay requires more employees along with more towels, soap, vacuum sweepers and other items supplied by vendors who must employ a sufficient number of workers and fixed assets to meet demand. There is nothing wrong with that. It's called free enterprise. Also, it is still called the American way even with all the costly government regulations that tend to strangle growth.
One might argue there aren't enough billionaires and millionaires to put every able-bodied adult between the ages of 18 and 65 to work in jobs that pay decent wages. In response, I say: That's a good reason for having more.
I shudder when I think what would happen to our dysfunctional economy 1 if we were to lose the billionaires and millionaires who create and buy those goods and services.
Perish the thought!
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