It’s finally reached the news. Many super-rich are Democrats! According to the news, that’s an issue! The Dems want to finance their spending spree by taxing the rich. Oops, that’s their supporters!
But that’s not the anomaly the media claims it is – even if the Democrats can actually limit the tax increase to the super rich. It’s just another example where the media is trying to sell voodoo economics. The fact is, the super-rich support Democratic economic policy because it is good to them.
There are two ways to get money – earn it or steal it. Getting money by using the power of government to your advantage – regulations that weigh more heavily on others than you, non-neutral taxation, government subsidies, socialization of the expenses and losses of a business, government grants and/or subsidized loans – are all examples of stealing to gain wealth. To earn wealth implies a private exchange of a good or service in a win-win exchange.
The vast boondoggles of stimulation money are, simply, corporate welfare. The money undergirds and strengthens the corporate assets that comprise the wealth of the upper class while regulations and taxation hamstring the competitors. In short, our government-dominated economic system is simply an institutional mechanism to move wealth from the lower and middle classes to the upper elite – and to keep it there.
So it’s no wonder the Amazon CEO and founder, Jeff Bezos, added more than $70bn to his net worth during the coronavirus pandemic in 2020. Or that billionaires in the US have increased their net worth by more than $1tn during the coronavirus pandemic. Nor is it any wonder that many of the moneyed elite support Democratic policy. It is good to them.
Askance Eye Miniblog 