From the Left to the Right: millionaires and billionaires

Tuesday, August 16, 2011

Millionaires and Billionaires

Aug. 16, 2011

Radio personality Mark Levin asked us to do the math. There are less than 500 billionaires in the U.S. at this time and there are about 3.1 million millionaires*. President Obama keeps talking about taxing these guys to fix the failing economy. If only we force them to do their fair share, our debt of $14 trillion would come right on down. Never mind that this argument is class warfare, let’s analyze it.

Forget about taxing the Richie Rich’s at 40% or 50% of their annual income. Let’s get crazy. If we took half of the billionaires’ total wealth away, which would be far greater than the amount we could actually tax them, the resulting amount would come to only about $250 billion, assuming each one is worth $1 billion. The millionaires, because there are so many more of them, have a far greater share. They own about $3.2 trillion all told, assuming each is worth $1 million.

If we took half of the millionaires’ assets, it would total $1.75 trillion. Adding the billionaires’ contribution, this adds up to about $2 trillion. This unrealistic total (we can’t tax anyone by taking half their total assets), doesn’t even come close to our current $14 trillion debt. Congress recently raised the debt ceiling, so the debt will now be allowed to rise to over $17 trillion. This is only a theoretical argument. If it really happened, many of our companies would collapse, as would the entire economy. I’m glad we checked, though.

When the president says that if only millionaires and billionaires would do their fair share the U.S. debt would go away, he’s blowing hot air up your skirt. We know, ‘cause we just did the math!

*The data in this post was retrieved mostly from Wikipedia. On Aug. 20, 2011, on Fox and Friends, it was revealed by Wall Street Journal economics reporter Kelly Evans that there were only 237,000 millionaires as of 2009, down from the previous year. If this is correct, and it's a true trend, then my data for revenue is less than 10% of what I said it would be. Millionaires would account for only about $230 billion, and not 3.2 trillion, and that makes my argument that much stronger. I apologize for my error.

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Tuesday, July 26, 2011

Who’s President Obama Talking About?

July 26, 2011

President Obama has conceded in a speech on July 25, 2011, that U.S. government spending is out of control. However, he said the money went for tax cuts, two wars, and prescription drugs. He forgot to mention the $800+ billion he threw away on a so-called stimulus plan (which failed). A $trillion more in debt will be incurred from his ill-conceived health care plan, due to his fiscal incompetence. The president has said recently that we need to behave like grown-ups, relax our rhetoric, roll up our sleeves, and work together. He then stomped out of meetings he held with Republicans and blamed them for the nation’s troubles. So much for following his own advice!

Our partisan-in-chief never conceded an inch during this deficit debate. It’s always their fault. Evil rich people make too much, he’s said. They won’t carry the load. However, he didn’t mention that the wealthy already pay the majority of taxes in this country. They create jobs. All right, not every rich person, but some do it indirectly. Rich folks don’t save money like we do. They don’t use a savings account for most of their money. Instead, investment vehicles are used. Believe it or not, most – if not all – do it this way. Even those we believe are sponging off their mommies and daddies. So, they are responsible for most of the investments made in our economy. Take their money, and most likely, you take one of our jobs away.

The wealthy are not always our heroes, I get it. Some spend foolishly, as our perception would have us believe. $750 on a pair of shoes disgusts most of us, and the gut reaction is to hate the idiots for it. But, realize where their money goes. Their extravagance pays for part of someone’s job in the shoe store. Or, $900 on a single seat at Yankee Stadium might pay for just one more vendor. The $70,000 automobile purchase could help one car salesman keep his job a week longer. Think about what good things a $20-$50 million private jet purchase can do for someone. Let’s not be jealous, let’s be thankful.

When President Obama says he wants to make millionaires and billionaires pay their fair share, let’s remember - he’s talking about those who make $250,000 a year or more. Those from that group making less than $1 million a year are NOT millionaires, so who’s he talking about? One day it might just be you!