June 24, 2011

On economics and politics

I was doing a little thinking this morning. I know, that is dangerous.

I have a quick question for you loyal readers.

Do you care if Bill Gates or Warren Buffett gets richer next year? Would you think it a bad thing if their net wealth grows?


Tam said...

It bothers me not at all.

Them having less money wouldn't mean I'd have more.

Grumpyunk said...

None of my business what they do or how they do finanially.

Fuzzy Curmudgeon said...

Short answer to both questions: No, and no.

Mockingbird said...

They buy up companies and processes which, in the long run creates innovative products people want to own.
Hurting them and others like them through additional taxation in the long run, only gets leftists some smelly, chanting supporters, and others get unemployed.

Anonymous said...

No and No and I am betting both give more to charity than the combined incomes of everyone on this page.

James Old Guy

Erin O'Brien said...

I think conservative columnist David Frum has an infinitely more important question.

PatAZ said...

Good for them if they do it.

Joe said...


I would not call Frum much of a conservative, He claims to be, but most of his positions are "center" at best. He also has a deep seated hatred of supply-side economics, so he will do all he can to disparage the notion.

The graph is interesting. I cannot comment without more data and detail. What is "income" is it before tax, is it adjusted for inflation, are benefits included? Is it disposable income? Is it net wealth? Is the high unempolyment affecting the results? A chart without a description of what the data means and how it derives is impossible to analyze.

Note how the graph takes a steep dive downward when the Dems took control of f Congress (the economy did too!).

I think the questions Frum asks are good questions for politicians of all stripes.

Anonymous said...

After reading through the comments on Erin's link, it is clear one very important fact was missed or not made clear. While the portion of labor has in fact declined, it just proves that this economy does not depend on labor as much as in the past. In other words labor is becoming less and less a factor in driving the economy. We produce less so labors share has to be less.

James Old Guy

Ed Bonderenka said...

I don't mind their getting richer, per se.
I'm not sure what the implications are for the rest of us. What causes them to get richer that negatively affects the rest of us? I don't know.

CGHill said...

It is a matter of considerable indifference to me.

(Disclosure: I use one of Buffett's insurance firms, and, well, I'm on a Windows machine.)

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