Response to "Too Many Millionaires" by Emily Rodman

The response to the article “Too Many Millionaires” by Emily Rodman showed a reaction to a particular trend occurring in the United States among the wealthiest group. Specifically, it was concerning the increase in the number of people in this position. Emily references a statistic that showed a nine percent increase over the course of a year of the number of such people in the wealthiest sector. It is critically important to consider the effect that this will have on the economy and whether to oppose this kind of pattern or not.

            Ideally, those with the ability to invest the most money will do so, creating jobs and stimulating the economy. This was the school of thought behind the generally termed “trickle down” economic policy that had its stint in the United States. Problematically, some of these people did not invest, and people and businesses who did tended to do so in areas other than America. This demonstrates the way that Americans are truly free to invest their money. So, geared with a profit based ideology, the unavoidable outcome was the movement of investment by the most wealthy to areas where the return was greater, which was not always in the United States. The core issue is that the government in a largely free economy like the U.S. cannot tell these people how to spend their disposable income, and so while it would be great to think these people are going to go out and invest it all, it has been historically shown they will not.

            Regardless, they are an output of an economy that gives its participants the opportunity to excel. Those who do will reap the benefits. This issue raises numerous extremely hotly debated issues, most with no end in sight. One example would be concerned with the extent to which these people are taxed, evidenced by the attention paid it in the most recent presidential election. It’s hard to say what the implications will be as the gap is widening, as there is no real historical precedent. The last times such a huge gap was seen were in times when it was nobles reigning over peasants, a situation that seems inapplicable to a modern society like America.

                        Are there too many millionaires? There has been extensive debate over the regulation of this group. Ultimately, they are the fortunate few who have achieved most highly in the merit based system of a capitalist economy. They are not by and large suppressing citizens in the United States, not since the real advent of the union during the reign of Rockefeller and Carnegie. It would certainly help the economy if they were more willing to invest and create businesses and jobs, but it cannot really be helped unless the government decides to step in and make them, which is unlikely in the American situation. Personally, I don’t think it will be a worrying problem in the future, if one is to believe the idea of an invisible hand that will return the economy to balance. At any rate we can’t all be millionaires, so the number will have to stop at some point, right?

-Matt Kessler