STEVE FORBES RICH GUY RESISTS TAX RISE

STEVE FORBES RICH GUY RESISTS  RAISING TAXES ON RICH GUYS

STEVE FORBES RICH GUY WITH SELF-SERVING BAD IDEAS


Steve Forbes speaking to an audience of mostly other rich guys on "Squawk Box" the CNBC business news show this rainy Monday morning (August 7, 2017)  claims that "people don't care if Bill Gates (and I think I heard him mutter under his breath "and me") get richer."  He was responding to a question of whether President Trump should impose a higher tax rate on the wealthiest Americans to pay for a steep middle and working-class tax cut Trump promised during the campaign.   The fact that the President is trying dutifully to make good on his promises apparently worries Mr. Forbes the heir of the Forbes business fortune and a past presidential candidate himself.   "What people want is a vibrant economy.  They want to know "is my check going up?  Reagan would have choked on that level of populism" claimed Forbes.

As a business man investor and one who deals with economic matters Steve Forbes  should know better.  At the current rate at which wealth and income are being sequestered out of the general economy into the hands of the super wealthy like Mssrs Gates, Bezos, Zuckerberg, Adler,.Buffett, Bloomberg and Forbes, etcetera, etcetera....there will be no one left with enough cash on hand to purchase items and services produced by these wealthy masters of the new economy.   It has been widely report that the top 400 US wealth-earners in the nation have more income and sequestered more wealth than the bottom  200 million people in this nation of about 325 million.  So a group of men (and a few women) that you could seat in a high school auditorium has more wealth than nearly 2/3 of our nation's citizens.  How could that circumstance engender a vibrant economy?   That means that these top 400 are SEQUESTERING WEALTH that can not inoculate and circulate in the general economy.   Four hundred individuals, even if they were crazy spendthrifts could not have the impact on the economy of  200 million citizens buying goods and services.  So why continue a tax policy that keeps increasing the money in their hands?

Mr. Warren Buffett, chief honcho of the super exclusive and super successful investment conglomerate Berkshire Hathaway is reported today (in Bloomberg Markets) to be sitting on $100 billion (1/10 of a trillion) dollars in cash!  THAT WEALTH IS NOT CIRCULATING IN THE GENERAL ECONOMY.  Buffett' stash is not a positive development for growth  of a "vibrant economy" as Forbes states he wants.  That $100 billion is not in the hands of the citizenry that can and would spend those funds on "things" and "services" that businesses and other people provide.  That is how a "vibrant economy" becomes a vibrant, flourishing economy!   So Mr. Forbes is dead wrong!  Reagan, like Trump would have opted for the tax rise on the wealthy and for growth and expansion over having the "top one percenters" sit on their cash and keep our economy staggering and stumbling along.  To get our of our economic rut and make even more money for the Steve Forbes and Warren Buffetts and the other rich guys Trump will have to make sure that  some of that money that Warren Buffett and his cronies has stashed away gets back out into the real economy!

PS:  Buftett knows this story too and is not happy with his cash stash1