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Thursday, June 29, 2006

They Earned Everything They Have

Libertarian Neal Boortz explains that Warren Buffett's plan to endow a charitable foundation with 85% of his fortune is not "giving back" anything. Because that presumes whatever it is was previously owned by another.

Writes Boortz:

Did you earn the money, win it, or was it given to you?...And let’s not forget former Democrat House Minority Leader Richard Gephardt! Gephardt liked to refer to Americans who worked their spot in the top 20% of income earners as those who “have won life’s lottery.” Yup! It’s the old “winning” theme again...

This “giving back” nonsense completely negates the reality that the people doing all of the donating actually earned that which they are giving through hard work, good choices, responsible decision-making and perseverance.

My guess is the top 20% woke up earlier, worked longer, studied harder, spent money less frivolously, obeyed the law and expended more energy than those in the lower rungs. And I prefer to live in a world where such effort is rewarded.

Boortz explains that there are actually very few Kennedys in the higher income levels:

“Oh,” your typical liberal will say, “they didn’t earn that money, they inherited it!” Right. Tell that to Bill Gates and Warren Buffet. The inconvenient truth for the wealth redistributionist crowd is that fewer than two percent of millionaires in this country inherited their wealth. God forbid that we should ever recognize that people might actually earn their wealth!

Thus, 98% have done something that people found valuable and voluntarily parted with their valuable dollars to purchase or rent. Alex Rodriguez, Madonna, the supermarket entrepreneur, the professional and the workaholic all produced something that was not on this earth before. They increased the wealth of the earth and were paid for it. Thank you. And keep all of it if you wish.


At 3:05 AM, Blogger francois said...

The thing with Buffett is that he believes that his investment abilities are a talent that he acquired through luck.

People who perceive themselves as having gotten lucky tend to see wealth distribution as random, unfortunately.

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