Thursday, June 7, 2012

"Everyone Can Be Rich"

This myth came to the surface most recently via a certain politician, speaking at a fundraiser on a large estate which had--among other extravagances--its own golf course.  At one point in his drivel, he extolled the virtues of the estate at which he spoke, saying "everyone should live like this."  On other occasions, the same politician (who happens to be obscenely wealthy himself) said "I want everyone in America to be rich"

It need hardly be said that this is pure fantasy-land.  The most basic concept of economics informs one that if everyone had a million dollars, that million dollars wouldn't be worth very much.  It is theoretically possible that ANYONE could become rich (after all there is a multi-state lottery).  But the highest yearly income that EVERYONE--or rather, every household--could make (presuming that such was possible) would be about $63,000 in 2010 dollars.  That is, after all, the average income made in this country. And if doubled or tripled or multiplied by 15, it would retain the same purchasing power due to inflation.  $63,000 isn't too bad, but it isn't going to buy a personal golf course.  At best, it could pay greens fees at a private country club, where it would necessarily be shared with other members.  And what a dreadfully communitarian arrangement that would be!

It also need hardly be explained that whatever amount is soaked up from the pool by those making more than the average, necessarily lessens the amount left in the pool to be divvied up among the rest.  Can this be excused to a certain degree in order to encourage behavior that is beneficial to society?  Of course.  Yet, can it be assumed that all such excess wealth meet this criteria?  Certainly not!  There is the practice of parasitically sapping capital by means of speculative gambling.  There is the practice of managing companies for the short term windfall of its executives, rather than for the long-term health of the business.  There are those who have gained from gratuitous monopolies on such century-old inventions, posthumously published arts, and those natural resources on publicly owned lands, as ought all unquestionably to be public domain. There are even those who profit from selling defective weapons to our nation's military.  And are we to be subject to such a meritless hegemony by allowing these ill-gotten dollars to be each called a voice holding the same protections as our own individual voice, except free from the threat of the baton-wielding goons of the plutocracy?

We cannot be all equal in wealth in a free country.  We must however be all equal in rights.  And indeed if the rights of any one be held above the rights afforded to the rest, it cannot be considered a free country any more than in the first case.