Friday, June 17, 2011

How Can There Ever Be Too *Many* Millionaires in the US?

As a kid, I dreamed of being rich. As a young adult, I set about to achieve that dream. Various things interfered and I dont' think I'm going to make it - which is not to say that I don't have a comfortable life - but a poll Rush shared today just blew my mind.
RUSH: By the way, the Wall Street Journal, interestingly, has a blog today: "Does America Have Too Many Rich People?" and it turns out that from a little survey they've taken, America does not hate the rich. "At last count, the U.S. has 5.2 millionaire households, and somewhere around three million individual millionaires. That is by far the largest number for any country in the world. And the individuals represent about 1% of the population," which is which is pretty constant from generation to generation. Now, ""When asked, 'Do we have too many rich people in this country, just the right amount or too few,' 42% (the largest number) said 'just right.' Another 31% said 'too many' (down from 37% in 2007) and 21% said 'too few' (up from 17% in 2007)." This Gallup, and these numbers are from today versus 2007.

Now be aware that this poll probably only talked to about 1,000 people, so its hardly representative.

But what are the results?
42% said there was just the right amount of rich folk in this country
31% said there were too many!

For those who think we have "just the right amount," I've got to ask them, what the heck? Don't you want to be rich? Don't you think everyone should aspire to be rich? And this aspiration does not include buying lottery tickets, mark you! But there are dozens of professions people can get into that, if they are good at what they do, can get them into a seriously high income bracket. And why shouldn't they aim at that?

And Rush also pointed out that most rich people are "the working rich."
95 years ago the richest 1% of Americans received only 20% of their income from paid work. The vast majority of the rich were inherited. In 2004, seven years ago, 60% of the very, very rich receive their income from work, and still we hate them, still we are told to resent them. It's very hard to persuade voters that the rich deserve to be penalized with higher taxes, or to make the rich the villains if the rich are tied to work, and that's the key point. It is especially hard if middle class voters believe that their own work can help make them rich one day, and that's what's being destroyed, that's what's under assault by this regime, the notion that hard work is going to take you to new heights. A lot of people are throwing their arms up in frustration, "Yeah, Rush, great, if I could find work." And I totally understand and empathize with that.





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