Rich people upset about being rich
The LA Times reports that wealthy people are upset about income inequality.
A large majority of so-called high-net-worth individuals see income inequality as a top macroeconomic concern, according to a new study released by Morgan Stanley. The survey of 1,008 clients with $100,000 or more of non-retirement financial assets to invest found that 79% agreed that the "increasing income gap between poor and wealthy Americans" was a top macroeconomic concern, while 77% of those with more than $1 million agreed with the statement.
Who knows whether this is what people truly believe, or merely what people thought would be politically correct to say on a survey? But it cannot be denied that there are a number of super-wealthy rich liberals who bemoan "income inequality."
The funny thing is, the super-rich who take this position never seem to want to do the obvious thing to rectify it – to give up a large portion of their wealth to contribute to increasing the equality of income. No, they usually want others to do that. Once liberals become wealthy, they want taxes raised to make it harder for other people to become wealthy; they, already super-wealthy, either have accountants to help hide their wealth in trusts or simply aren't bothered because they already have so much money.
What else is there that could explain why Warren Buffet, or the owners of the New York Times, or Jeff Bezos, who owns the Washington Post, all of whom constantly complain about income inequality, don't simply give up 95% of their assets to the government or charity? Because they don't want to give up their own money. They want everyone else to live live in an equal, egalitarian society, but not themselves.
We know, of course, that income inequality is not only a good thing, but necessary. Income inequality rewards people who work harder, have better business skills, and take risks with their money to produce goods and services. Liberals always complain that the minimum wage isn't enough to live on, but it's a training wage; if they work hard, they get promoted, or they use their skills to get a better-paying job. Those who don't, of course...continue earning the minimum wage.
Pedro Gonzales is editor of Newsmachete.com, the conservative news site.