Obama has proposed a federal crack down on what he deems “excessive pay” for corporate executives. He has proposed that the federal government begin taxing people’s capital (not just earnings or interest payments, but, yes, capital itself). He has proposed that the capital gains tax rate be raised to 28%, nearly doubling its current rate of 15%. And he has made it a constant theme of his campaign to lament “Bush’s tax cuts for the rich,” conveniently ignoring the fact that the President and the Congress lowered the taxes of ALL Americans earlier this decade.
Mrs. Clinton is fond of maligning “rich” people as well, and openly disdains the very essence of our free-market economic system. She has berated the reality of America being an “ownership society” (despite the recent increase in mortgage foreclosures, home ownership in America is still at an all-time high), saying that in reality we are an “on your own” society. Her remedy for the “problem” is for us to become a “we’re in this together society,” a nation of “shared responsibility” AND “shared prosperity.” She has elsewhere stated that, with respect to social care for the needy, “our free-market has failed” (never mind the philanthropy and charity that Americans provide over and above paying their taxes); “churches have failed;” “we’ve all failed;” and to become a just society, some people need to “have things taken away” from them.
So let’s get something straight. Most Americans cannot fathom publishing a book, and will never have the opportunity to do so. Likewise most Americans - - even most published authors - - can’t fathom earning $1 million a year in royalty income. Yet the possibility of becoming such a successful author exists because of capitalism. Clinton and Obama are apparently okay with this, yet if a corporate executive earns what these two characters believe is “too much money,” well that person ought to be punished.
And who are Obama and Clinton that they can sell so many books? They are both intelligent, they are both lawyers, and they are both graduates of prestigious schools. But so are lots of other Americans. Yet most lawyers don’t have the platform to earn millions with a book.
The profile and name recognition that led both Obama and Clinton to lucrative publishing deals and enormous book sales have been brought about by the roles they occupy in our government. Arguably, their marketability at the bookstore has to some extent been subsidized by the federal government. Yet Clinton and Obama are first in line to question the legitimacy and “morality” of purely private sector enterprise, and can’t wait to punish those who are successful with it.
Capitalism has indeed been “bery bery good” to the Obamas and the Clintons. Their “okay for me but not for you” attitudes are absolutely elitist, and even aristocratic.
Is this really what American leadership is about?
Austin Hill is an Author, Consultant, and Host of "Austin Hill's Big World of Small Business," a syndicated talk show about small business ownership and entrepreneurship. He is Co-Author of the new release "The Virtues Of Capitalism: A Moral Case For Free Markets." , Author of "White House Confidential: The Little Book Of Weird Presidential History," and a frequent guest host for Washington, DC's 105.9 WMAL Talk Radio.