Paul Krugman's Got It Wrong on the 'Angry Rich'

Tuesday, 05 Oct 2010 03:31 PM

By Wayne Allyn Root

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Paul Krugman recently wrote a column for The New York Times entitled, "The Angry Rich." According to Krugman, wealthy people are angry because money to which they feel “entitled” is being taken away.

Krugman is outing himself as a socialist by admitting publicly that he considers the idea of wanting to keep more of your own money an “entitlement.” Radical leftists lie and distort to incite class envy.

They call it “greedy” to want to keep money that you earned, but it’s not greedy to demand that government steal it from you and redistribute it to those who never earned it.

Krugman forgets to tell his readers that this "angry minority" pays the "disproportionate majority" of the taxes. The top 1 percent of earners pays almost 40 percent of all income taxes. The top 5 percent pays 70 percent of taxes. The top 25 percent pays almost 100 percent of taxes.

Damn right the rich are angry. It’s always easy to vote for tax increases on someone else — especially when it gets redistributed to others.

We are tired of politicians taking our hard-earned money and wasting it on bloated government spending; more government employees who receive guaranteed jobs and obscene pensions for life; unnecessary wars; vote-buying earmarks; corrupt bailouts to campaign contributors; and trillion-dollar handouts described as stimulus.

Krugman reports that these are desperate times for people who have lost their jobs or homes. This is true. But who will create the jobs to help all these people? Assuming they still have the money — small business. Entrepreneurs do so by creating businesses, creating jobs, and spending money on equipment and raw materials.

They make their employees and the employees of the places they buy from, rich too. How many millionaires did Google, Cisco, Apple, and Microsoft mint? How much money did their employees spend? How many Americans were enriched by all this success?

Krugman says “real” rage and suffering isn’t found among the rich. In his socialist mind it’s only found among the poor.

Well Mr. Krugman, my friends are mostly small business owners. My friends are “working rich.” And they are suffering in record numbers.

They are losing their executive jobs. They are struggling to make payrolls, so their employees can pay the mortgage while they themselves forgo a paycheck. They are losing their small businesses, along with everything they’ve worked years to build. They are spending their retirement money on their own survival, or their children’s college education.

This is precisely why there are no jobs. The working rich are in trouble, under siege and being squeezed by the economy and government. And as long as people like Mr. Krugman are in power, there will be no new jobs.

It’s small business owners earning $250,000 to $500,000, not the titans on Wall Street, who will be hit by Obama’s gigantic tax increases. Yet Obama and his leftist cronies chose to bailout Wall Street and give sweetheart deals to the big shot execs at AIG, Goldman Sachs, and GM. It’s no coincidence that Obama was the biggest beneficiary of their campaign contributions.

During all this time, Obama did nothing for small business. Now Krugman and Obama demand higher taxes on “the rich” and use Wall Street titans as the scapegoat to hide who will really be paying the tab.

Krugman denigrates and taunts people who make $250,000 to $500,000. “They can afford higher taxes” is his leftist chant. But take another $50,000 in taxes from a family making $400,000 and you've just put two of their employees making $30,000 a year directly in the unemployment line.

You'll spend about $400 a week in unemployment insurance for the next 99 weeks for each of those employees, for a net loss to the government of $30,000 or so.

Krugman calls the rich in America “the world’s luckiest people.” Are you joking? The majority of the rich you are referring to, toil at their small businesses 60-plus hours a week, sacrificing family and quality of life.

Unlike government employees, they have no short workdays, no three-day weekends, no guaranteed jobs for life, no bloated pensions.

These heroes of the business world that Krugman derisively calls “rich” and “greedy” took on hundreds of thousands of dollars in debt to fund their educations, then risked hundreds of thousands more to start their small businesses.

Their reward for all this hard-work, sacrifice, and risk-taking from socialists like Obama and Krugman? A greedy government that demands more and more in return for nothing.

Sorry Mr Krugman, I don’t need partners like that. Usually partners like that are called organized crime.

Krugman says the rich are angry and out for revenge. Well that’s not hard to understand when a productive minority of risk-takers and job creators is being lynched by a dysfunctional group of socialists that believes keeping some of your own money is an "entitlement."

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

How to Prosper Under Obama

Tuesday, 23 Apr 2013 21:14 PM

It has now become clear that President Obama’s policies will continue to kill jobs, damage the private sector, and destr . . .

Obama's 90-Day Plan for Economic Disaster

Tuesday, 16 Apr 2013 22:38 PM

The economic news has gone from bad to worse. First we found out the jobs numbers are collapsing. Then retail sales figu . . .

Explaining the Obama Economy to 6th Graders

Wednesday, 27 Mar 2013 17:00 PM

Our government-run public education system is very bad. So bad that generations of Americans educated in public schools  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved