"It's Pretty Tough To Be Successful In A Nation Where The President Says He Doesn't Like Rich People"
A very interesting video from CBN says the wealthy are hitting the exits in France. And not just the wealthy. The wealthy, the young, the entrepreneurs.
If they happen to speak a foreign language, they'll leave, reports Anne-Elizabeth Moutet (who became very unpopular for her piece on the departing).
And P.S., as a businessman in the video warns, we Americans are following in France's footsteps with Obamacare and our growing welfare state.
"It's Pretty Tough To Be Successful In A Nation Where The President Says He Doesn't Like Rich People"
Ha! Before I read the article I thought the title was about Obama and the US.
charles at June 28, 2015 5:59 AM
It kind of is.
Amy Alkon at June 28, 2015 6:34 AM
Doesn't like rich people? How can you not like rich people? In fact, how can you not love rich people. When you think of rich people, if you don't have at least a tiny orgasm, you probably don't have a soul.
We shouldn't tax rich people at higher rates than middle class or poor people. We shouldn't even tax them at the same rate. Instead, they should be taxed at lower rates...perhaps not even be taxed at all. This should be their reward for being ambitious and successful, for being job creators. It would be an extra incentive for middle class and poor people to work hard and become rich.
JD at June 28, 2015 9:01 AM
From TIME and Gary Hart, no less:
http://time.com/3937860/gary-hart-america-corruption/
Stinky the Clown at June 28, 2015 9:51 AM
Again (beating my own drum) I am years, decades even, ahead of the self-proclaimed conscience of us all that is the modern media: I have long known that every measure to penalize "the rich", however defined, makes it harder for anyone to become "rich".
There is a reason some people make huge money: they know what money is.
Radwaste at June 28, 2015 11:42 AM
Radwaste, don't you think that the rich should not only not be penalized for being rich but be rewarded for being rich, with lower tax rates than the non-rich, since they create all those jobs and are, just generally, a wonderful asset to society?
Just think of the powerful message that would send to American kids: if you work hard and know what money is and become wealthy we, as a society, will be happy to show our appreciation.
JD at June 28, 2015 11:57 AM
don't you think that the rich should not only not be penalized for being rich but be rewarded for being rich, with lower tax rates than the non-rich, since they create all those jobs and are, just generally, a wonderful asset to society?
No, we live in a constitutional republic.
The law should apply equally to everyone regardless of their achievements or assets.
lujlp at June 28, 2015 4:37 PM
I don't think the president hates rich people so much. Isn't he pretty rich himself? And aren't most of the people he associates with rich? I think political people and rich people like each other a lot. Political people like to use rich peoples' money to increase their power; rich people like to use political peoples' power to increase their wealth.
I think the president wants to spend a lot more of the rich peoples' money. And if he can't find ways to entice them to hand over more of it willingly, it makes him not like them anymore. So now he's going to use the coercive power of the government to take it from them.
Why should the president care if the rich people leave the country if he can't get what he wants from them? He can blame their disloyalty, selfishness and greed for the resulting unemployment, poverty and poor healthcare. There'll be other ambitious, talented people to take their place - there always are - who are more amenable to working with the politicians. And in times of hardship, the middle class and poor will be willing to give up more of their freedom, and to spend more weeks, months and years of their lives in service to the rich and powerful, in exchange for a little security.
So the rich people of France are leaving. And going where? To other countries where the government is more willing to work with them? In socialist and welfare states private/public "partnerships" (collusion) is pretty much the formula for success.
I don't have much sympathy for rich thieves who collude with snakes and end up getting bitten.
Ken R at June 28, 2015 6:40 PM
That's an awful lot of envy there Ken. You say there will always be more ambitious talented people to take their place. Are you so sure of that? If there is no benefit for working hard, why work hard? As the Russians used to say, they pretend to pay us and we pretend to work.
Ben at June 28, 2015 7:58 PM
The Donut Shop. One owner's effort to reduce inequality of earnings.
Customer: Where are the donuts?
Clerk: We ran out at about 1 o'clock.
Customer: But, I love your donuts!
Clerk: Sorry, the owner didn't want to be selfish.
Customer: That doesn't make sense.
Clerk: The shop is very successful, and he is feeling guilty about that. So, he is only making as many donuts as he needs to live comfortably. He is allowing other donut shops to have their piece of the pie.
Customer: But, I love your donuts!
Clerk: It is selfish attitudes like yours that keep our society from being great.
Andrew_M_Garland at June 28, 2015 8:31 PM
every measure to penalize "the rich", however defined, makes it harder for anyone to become "rich"
This, in spades.
The old rich despised the nouveau rich. When the nouveau rich became the old rich, they despised the new nouveau rich.
This is a measure to stop the influx of nouveau rich. Warren Buffet has no desire to rub elbows with such hoi polloi. So think of it as a closed-borders policy.
I R A Darth Aggie at June 29, 2015 6:31 AM
You say there will always be more ambitious talented people to take their place. Are you so sure of that? If there is no benefit for working hard, why work hard?
And then there's the regulatory state. You'll work hard, but there will be a hard limit beyond which you can't get beyond: red tape will have you tied up in knots. For a large multi-national, say GE, an incremental increase in regulation is trivial: they already have a large staff in place to deal with such bureaucracy. For the small business owner who wants to take the next step, that may mean hiring more employees which is not a trivial thing.
If you wonder why Walmart was such an SCOTUScare enthusiast, it is because it is a trivial amount extra for them, but it is a tremendous barrier to entry into their market. So they'll have been de facto handed a government approved monopoly, since no upstart rival with a disruptive business plan will ever emerge to challenge their dominance.
One of the founders of Home Depot (not Blank) was asked if he could start Home Depot in the current climate. His answer, without hesitation: No.
I R A Darth Aggie at June 29, 2015 6:42 AM
Hollande's problem is that he isn't playing the game right. He needs to take a cue from the American Left: solicit the wealthy for generous campaign contributions. The ones who contribute, you reward with influence and government contracts. The ones who don't, you call them evil capitalists and sic the media on them. It's the wealthy person's guide to socialism.
Cousin Dave at June 29, 2015 11:20 AM
Hollande can't afford to do that CD. He has run out of money. There just isn't any more to be gotten. So out of desperation he is cannibalizing his side too.
And speaking of people who've run out of other people's money to spend, Greece appears to go bankrupt tomorrow. If you can afford a small gamble it may be a good time to pick up some stocks.
Ben at June 29, 2015 6:14 PM
Good call, Ben. Stock markets around the world got hammered yesterday. And it's ridiculous. In a rational world there is no way international business should have had that much exposure to Greece -- everyone knows their modern economic history, and none of their monetary practices have changed after multiple past bailouts. This is all happening becuase the EU made everyone finance Greece. Fool me once, etc.
Cousin Dave at June 30, 2015 8:00 AM
Actually CD the international markets don't have that much exposure to Greece. As you pointed out, this was foreseeable for years. There is a blip due to foolish panic and a few people in desperate situations. Most valuations will be back where they were in a few weeks.
Ben at June 30, 2015 10:34 AM
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