Barack Obama can’t get the word “rich” out of his head. In his attempt to engage the American public in a class warfare debate he wants to “tax the rich more”, “make the rich pay their fair share” and put an end to the rich exploiting the common man.
Perhaps Barack should utter another word that describes most “rich” people, that being the word “prosperous.” According to Webster’s dictionary the definition of “rich” is ‘having abundant possessions and particularly material wealth.” This is a passive definition, with no inquiry as to how the person has achieved such wealth. In Obama’s lingo, if you’re “rich” you’re somehow evil or undeserving.
The word “prosperous,” however, is defined as “marked by success” or “enjoying vigorous and healthy growth.” The prosperous person is earning his wealth, engaging in economic activities for which his customers are rewarding him handsomely. In economic markets both the buyer and seller must gain for a sale to take place. If the seller is prosperous he has pleased many buyers. To please hundreds or thousands of buyers he must employ good people, and hence the much of the wealth spreads to his employees. Remember that over 78% of GDP goes to wages; less than 8% goes to profits.
There are people who are rich through inheritance; who have done nothing for their wealth. However at any point in time the vast majority of “rich” people are the “prosperous” who have earned their wealth.
I’m not advocating special tax breaks for any business, no matter what its size. I am, however, in favor of less government regulation and more market-driven freedom for ALL businesses.
Wealth creators are the backbone of the American economy. In just a few short months we are going to go to the polls and determine whether we will continue to berate the “prosperous” or decide that it is OK to earn wealth in the United States of America.