by Jack Waymire
President Obama needs something new to talk about. His Obamacare initiative has been an extraordinary debacle and he is slipping in the polls. What’s his solution? Focus our attention on the increasing income disparity between the Top 1% and everyone else. Some class warfare is always worth a few points in the polls.
His solutions are nothing new. Increase benefits for the unemployed. Raise the minimum wage. I guess the national debt isn’t high enough and our robust economy can support higher minimum wages. Maybe he should focus on bringing higher paying jobs back from China.
Before we turn into France we should look at the wealthy Americans and how they created this terrible disparity.
Wall Street Wealth
The executives run companies that employ millions of Americans. Their top two priorities are doing whatever it takes to keep their jobs and maximizing their personal incomes. The executives at Wall Street firms have received a lot of publicity based on their self-serving priorities. There is no question greed and corruption run rampant on Wall Street, but these executives do not deserve higher taxes. They deserve prison sentences.
The politicians run the country. Their top two priorities are keeping the donations flowing so they retain their power and setting themselves up to make millions when they are no longer in office. Our President is at the top of this list. How do politicians have net worth’s of $500,000 when they are elected and $50 million when they leave office?
How would you like to be 25 years old and work for Google or Facebook? These wealthy Americans may be gifted, but they are also very lucky. They chose to work for companies that produced billions of dollars of net worth for founders and early employees. Crystal ball or luck? I say luck. You could not have predicted the huge successes of some of these companies.
Then you have the dilettantes. They did absolutely nothing to earn their wealth. Their luck was being born to the right parents. A few have actually accomplished something with their lives. Most of them live off of their trust funds. They are the ultimate consumers.
Then you have Americans like Bill Gates and the late Steve Jobs who earned their wealth the old fashioned way. They earned it by working smart and hard. Of course, these two are very rare. They had the vision to create companies from scratch and build them into multi-billion dollar enterprises that have stood the test of time.
Obama on Wealth
If Obama follows in the steps of his democratic predecessor he will be wealthy beyond his wildest dreams by 2020. Boards, books and $100,000 speaking fees will make this happen. Bill Clinton will probably give him a few tips, in particular if Obama endorses Hillary to be the next president.
It stands to reason Obama is not really concerned about wealthy Americans. He aspires to be one. Obama’s real strategy is using increasing entitlements to create a class of dependent Americans who vote Democrat for the next 100 years. That will be his legacy. Meanwhile Obama is kicking back in the Hamptons and Palm Beach.
Other posts from Jack Waymire
No one intentionally hires a bad financial advisor. So why do so many consumers fire their advisors in...
Financial advisor research may be one of the most important things you do. Think about it: Before buying...
If you’re using the Internet to find high-quality financial advisors, how do you narrow your search so that...