Tearing Down the Rich Won't Help the Poor

Posted by - Wednesday, January 4th, 2012

Billionaire CEOs got together and defended their wealth at an investors' conference in New York this past December. And rightfully so...

They've been under scrutiny of Occupy Protesters all over the nation, and now the president has them targeted for the brunt of his 2012 campaign attacks.

At this pivotal moment in history, America's most affluent individuals fear that this mentality will be destructive for the fate of capitalism and entrepreneurship. More worrisome, this could have some devastating affects on the overall economy.

Tearing down the rich does not help those less well- off,” said the chairman of New York-based WL Ross & Co. LLC. “If you favor employment, you need employers whose businesses are flourishing.” 

It’s simply a fact that pretty much all the private- sector jobs in America are created by the decisions of ‘the 1 percent’ to hire and invest,” Rosenkranz, 69, said in an e- mail. “Since their confidence in the future more than any other factor will drive those decisions, it makes little sense to undermine their confidence by vilifying them.”

Comedian John Hodgman has called the wealthy a “persecuted minority.” While there are always a couple bad apples in the bunch, a lot of these guys are working hard, giving back to the community by creating jobs, and, consequently, stimulating economic growth. They're making and selling products, employing masses, and providing health care to millions.

Treating them with disrespect is probably not the best approach since so many of the American people rely on America's wealthiest in order to make happy livings for themselves.

Being successful shouldn't be a quality that forces one to feel guilty. Undermining their diligent work and performance-excellence will only hinder our younger generation further. We need role models who have succeeded in achieving the American dream by actually doing something worthwhile.

Creating jobs is probably the greatest contribution one can make to American society in these tough economic times. Perhaps it's time to be thankful for the contributions of the one-percent who are doing just that: filling shelves with the products we're buying (consumer spending makes up 70 percent of America's GDP) and filling the economy with the jobs we're working.

*Indented excerpts courtesy of Bloomberg.com.


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