If we really want the the economy to recover, then we must stop bashing the so-called “rich.” The top 5 percent of earners in this country are critical to the health of our economy. Many are owners of small businesses who create jobs. Others provide the capital for entrepreneurs to follow their dreams. All of them spend money, which sustains business and jobs. The last thing we should do is impose higher taxes — which of course is exactly what the Obama administration plans to do when it lets the Bush tax cuts expire at the end of the year. This Associated Press story highlights what’s really going on:
The economy grew at just a 2.4 percent rate in the April-June quarter, the government said Friday, much slower than the 3.7 percent rate for the first quarter.
Economists say overall consumer spending has slowed mainly because the richest 5 percent of Americans – those earning at least $207,000 – are buying less. They account for about 14 percent of total spending.
We have a choice to make: Give in to the constant, illogical bashing of the “rich,” or acknowledge the many contributions they make to society and our economy.
