Dalai, Be the best, achieve to be the best, stop complaining and work to be the best. Everyone can be the best if they are smart and put in the time and effort effectively. You know what happens to those who aren't the best at what they do in the animal kingdom? They die, at least in the human world you can survive even when you prefect mediocrity and if you cant even do that well then theres a big fat welfare hammock waiting for you. I might start complaining about the inequality of how some people are good looking and others are ugly. If i do that enough do you think government should be required to pay for me to be handsome? Deal with the cards you are dealt and find a way to make it a flush, you can do it you just have to spend the amount of time you do complaining about inequality as you do trying to figure it out. I wasn't born with anything but im figuring it out and im going to be the best.
Dear Michael, You may be jealous of his achieved wealth, and being a half way educated person, at least I hope so, you can understand that being in private equity does not mean you go to work at 9am, play solitaire and leave at 5pm everyday. It is a lot of sleepless nights, decisions that could compromise everything you own and so on. Also I dont think a Harvard Business degree is just handed to you. Dont be jealous, accept reality.
Dear Thomas, AKA TCD, You work for you family, you were to put food on the table, send them to college and make sure that they live comfortably. That is you number one priority. Inherited wealth is a gift, its a gift that insures that I know they will never go hungry because I was able to achieve that. How would you like me to take 50% of the next gift you get and give it to people who don't dont contribute to "society". Its my gift to my family. Earn your own wealth for you family and I wont be asking for a piece of you gift to them.
Kevin Lim, with all due respect but those are the words of a weak and defeated American. I know plenty of people including myself who came from families who could never dream of paying for private college education, but we found ways to earn scholarships and attend a university of our choice. We earned our way on our own merits, and put ourselves in positions to succeed. We never expected someone to hand us an education, we understood the value of education and worked hard to achieve that privilege. You dont have to be a Kennedy or a Bush to achieve any kind of success, look at our president for example, not that I support him but he found a way to succeed. I know plenty of young successful people who came from a nothing college with a major in sociology who found a way to succeed and make something of themselves. Life isnt fair, not everyone can be on top of the world, but the monarchies and the feudal system doesn't exist here, if you really want it you can have it, the only thing is is that you can't take the stance of "my dad isn't rich so I dont have an equal shot! This isnt fair, shit man I'm just going to settle and accept my shitty job at pathmark". No get off your ass go find a scholarship, get educated and meet the right people to succeed, yeah there is an upper echelon in our country, but thats the case in many other countries as well, the difference is you can find your way into that group of people in this country you just have to figure it out, and if you can't then quite simply you dont deserve to be there and thats just the way things are, its not all ways rainbows and butterflies.
Lets start from the beginning. First of all, in order to fully understand economics, you must understand the power of incentives. The entire economy is based around the theory of incentive. With out incentive, the economy doesn’t function. If I tell you that if you achieve x, y and z in the next hour you will earn $50 and if you only achieve x in the next hour you will still earn $50, no one will strive to complete y and z because there is no incentive to do so. Profits are a primary example of incentive, and with all due respect the 1% are the one percent because they really wanted it, they worked harder and smarter and earned their wages. Now I agree, the wealthy should pay taxes but to say they are not paying their fair share is hog wash. However its articles like these that really get people going even though they don’t understand the economy. Those who are taxed at a 15% rate are being taxed on simply their capital gains, the lower tax rate is an incentive for you to invest in the market, it add money to the system. The lower tax rate is an incentive for those to invest their money instead of hiding it away, adding money to the system is what makes the economy function. Next, back to my point of incentive, are you telling me that we should tax the wealthy at a higher rate so it almost discourages the idea of making money, making money which inevitably adds to our system. So if the wealthy no longer have an incentive to make money because the government feels the need to tax them at a rate close to France’s new rate, what will happen to the pile of cash that the government collects. Right now the top 25% collect 88% of the tax revenue, what happens when the top 25% average salary drops dramatically, what happens to the value of the tax revenue.
Now lets focus on the situation at hand. Right now the USA has lost its manufacturing industry to China, for Christ sake even the original USA Olympic uniforms were made in China, under USA corporation. That being said, the last industry that the USA really controls is the intermediary market, AKA Wall Street. If the government over regulates Wall Street, or feels the need to tax the wealthy at an even harsher rate, what happens when the best and the brightest think to himself or herself “you know what I could make a lot more money if I lived in London, or worse Hong Kong”. Every thing is computerized; it really isn’t that hard for a wave to move the financial capital of the world outside of the USA due to over regulation. The reason the intermediary market is so affluent in the United States is due to the lack of government intervention in the private sector. So now the top earners in the United States, have left, they’re gone. Who is going to buy the consumer goods that fuel our economy now? What happens to the tax revenue? What happens to the Federal Reserve? What happens to government bonds? With all due respect but with the 1% fleeing the country, the 99% is fucked. So now the USA has lost the most important piece of the country and China says holy cow we now control the intermediary market and the manufacturing market, they control 11 percent of our debt, if the USA dollar’s value plummets because of it they no longer invest in the US dollar and what happen to the welfare hammock? No more government spending, say good night to all those public services that you to referred to as rights. So over tax the rich over regulate the private sector and risk Armageddon.
You know what the issue is with the new generation?, when the baby boomers were growing up they say a guy driving a Rolls Royce and their parents said to them, “you see that Billy, that’s Mr. Jenkins, he worked really hard and created his own company, if you work hard maybe you can live like that too” and Billy said to himself I want that life style I am going to work my ass off to get it, that’s incentive. Now kids are walking down the street and see a guy driving a Rolls Royce and say fuck that guy, lets throw rocks at him because I don’t have what he has. They don’t think about the work that went into getting that Rolls Royce, everything cant just be given to you, you have to earn it and that’s a characteristic that is lacking in this new generation, the characteristic of hard work and reward. They all think they deserve it. No one deserves anything; you have to earn everything you have.