I have seen several posts claiming that the super rich are hoarding wealth, thereby somehow keeping it from others. Let me say a few things:Firstly, rich people typically use their wealth to create new wealth and they do so by 1) investing in stocks and bonds – which often results in more assets available to the businesses they invest in, which often results in business expansion, which always results in the purchase of new products and new services by skilled and unskilled workers and 2) putting money in banks in interest bearing accounts – and then the banks use that money to make more money by loaning it out to small businesses and people who want to buy or expand their homes.Secondly, the wealthy also buy lots and lots of things, which requires sales of material and putting people to work. This money is spread all around in manufacturing and wages.Thirdly, so what if they hoard? It is their money, they can do with it what they want. What if someone came to you and said you have no immediate need for the money in your checking or savings account so we are taking it and distributing it to others in need. The average income on the planet is a little under $10,000 per year. The average income in the US is somewhere north of $60k. Compared to the rest of the world, most of us are rich, we make 6 times what they make. My guess is they would say that we don’t need all the stuff we have and eat all the good things we et and wear all the nice clothes we wear. If one is concerned about wealth inequality, begin solving the problem at home – start living off of 10K a year and give all the rest away and encourage everyone else to do the same. ————————–
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For His glory,
Jim