By Tom Quiner
“I don’t think billionaires should exist,” is one of Bernie Sander’s standard lines on the stump.
My natural response to Bernie is simply, “why?” I don’t care if a Jeff Bezos or a Steve Jobs made a lot of money because of their innovative risk-taking. They made my life better through their innovations.
Mr. Sanders might as well have said, “I don’t think risk-takers should exist.” Profit is the reward for risk-taking. Risk takers make our lives better. Bernie, or Elizabeth Warren, or most of the Democratic Party would legislate them out if existence if they could.
I remember the 2012 Democratic Convention. Financial commentator, Peter Schiff, trolled delegates and asked them if corporations should be banned from making a profit. The overwhelming response was, ‘damn right!’ Watch above for a sampling.
Bernie Sanders is the voice for these Leftists who now dominate the Democratic Party, and who view corporations as villains. Sanders expressly asserts that corporations are responsible for human poverty.
Interestingly, 54% of Americans own stock in corporations, either directly or indirectly, according to a 2017 Gallup poll. The Federal Reserve Bank tells us America is richer per capita than any other industrialized nation in the world, $56,000 in the U.S. compared to $47,000 in Germany. The key is a spirit of innovation and business structures that limit risk and encourage investment.
Without corporate profits, the retirement portfolios of middle class Americans would dry up and leave us at the mercy of Big Government, which is apparently Bernie Sander’s goal.
The shallowness of his his philosophy is overwhelmed by its heartlessness.