Rise of Billionaires Helps Society

Michael Medved

1/13/2012 1:58:30 PM - Michael Medved

Going through clippings from the tumultuous year 2011, I came across a July item in the New York Times with a profoundly revealing headline. “Billionaires’ Rise Aids India, and the Favor is Returned” the story proclaimed, describing the way India’s growing private sector built huge fortunes for corporate chiefs who, in turn, have played the key role in India’s spectacular  growth.

If the New York Times understands that success of billionaires aids India, why can’t they acknowledge that success of billionaires in the US similarly benefits this country? Big profits for business leaders don’t mean they’ve taken the money away from their neighbors; it means they’ve enlarged the total sum of wealth that enriches the whole society. Money is no more a finite resource than human ingenuity, creativity or hard work.