Fraught Dems fret that Elon Musk becoming a trillionaire is “bad news.” Their rationale: it represents increasing wealth inequality. Good! The alternative is poverty equality.
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Depending on its source, some wealth inequality is not so good. For example, when it is a zero-sum scenario in an impoverished socialist society wherein the “dictators of the proletariat” confiscate hard-earned wealth from the masses. They are living high on the hog while the hapless peasants slurp at the trough.
By contrast, wealth inequality in a mostly free-market, capitalist society is splendid indeed. The key differential is that wealth is growing for everyone. Consider the recent SpaceX Initial Public Offering. It not only propelled Musk into rarified financial territory but also created numerous billionaires and multitudes of millionaires. Most of that money will not be stuffed into mattresses, but will circulate in the economy, benefiting more people downstream.
A conundrum of happiness economics is that people are walking, talking, status meters. Even if their wealth in absolute terms is increasing, if it lags relative to others, dissatisfaction sets in, providing fodder for Dem poverty pimps.
Consider Senator Ralph Warnock (D-GA), who recently said of Musk’s wealth, “…it’s a bright indication of growing wealth inequality.” Ironically, he’s right, albeit for the wrong reasons. Growing wealth inequality is a “bright indication” when it results from free-market capitalism — the economic pie expands for all. Conversely, “wealth equality” is an oxymoron. In fact, the redistributing-cum-confiscatory policies are inhumane; they squelch innovation and incentive (our essential human spirit), thereby ensuring “poverty equality.”
In addition to his sheer entrepreneurial brilliance, Musk works harder than anyone. While he and his devoted teams are providing essential products and services that improve all our lives, he barely has time to enjoy the fruits of his own labor. Yet, despite his grand wealth, I’m guessing many who benefit from his efforts are happier than he. Indeed, Mr. Musk is always striving, and he’s not always the embodiment of happiness. In fact, he stated that “money can’t buy happiness,” and he’d know.
Per market forces (mostly) and the collective wisdom of innumerable consumers, Musk has earned his inequality. So don’t worry about his 13-digit stash or his leverage on the capital markets. Don’t even worry about “keeping up with the Joneses,” just be grateful that the economic axiom is playing out again — a rising tide lifts all boats, no matter their size. Be grateful that Musk is sacrificing some happiness for your benefit. Don’t worry, be happy.
If Warnock were truly altruistic rather than a pandering politician, he’d stop obsessing about wealth gaps and focus on the achievement gaps that inevitably cause them. Of course, that won’t happen — in the 2022 election cycle, he was the top recipient of union money. From the teacher’s union PAC, he was the teacher’s pet.
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