During the Democratic presidential primary debate, I was struck by the disdain the candidates exhibited for our wealthy citizens by referring to them in terms imbued with scorn, derision and contempt, as if their success and wealth was illegitimately obtained.
The candidates proposed plans that included confiscating portions of the wealth of the “one percenters” as if they did not deserve it.
It is an incontrovertible truth that the top 1 percent of the income distribution provide about one-third of all charitable dollars given in the U.S. When it comes to bequests, the rich are even more important: the wealthiest 1.4 percent of Americans are responsible for 86 percent of the charitable donations.
Capitalism generates wealth and creates an abundance of benevolence. Capitalists are benevolent because they seek to improve our lives with invention and innovation.
Their accumulated wealth is the reward for creating products and services that enrich our lives and provide an incentive and motivate us. The free market permits us to choose freely from many sources and thus improve our lives and support excellence.
The appellation "millionaire" and "billionaire" are pejorative terms only to socialists.
John Steinbeck astutely observed that socialism never took root in America because the poor see themselves not as an exploited proletariat, but as temporarily embarrassed millionaires.