Fat cats

In full-page ad in The Times on Monday, August 20, titled “Why This Fat Cat Likes Obama’s Tax Plan, Normal Litz of La Jolla, California tells us that his income has averaged over eight figures annually for the past seven years. He warns that if Obama is re-elected, he expects his total tax bill, including California, to exceed 50 percent, in which case he will shutter his equity business, putting his dozen employees out of work and cutting in half his so-far unimplemented plan to provide $50 million to charity. Instead, he and his fiancée Rachael will indulge in a mutual passion—world travel.

Litz made his fortune as a private equity investor, and clearly believes he earned every million with his hard work and business genius. But I have some questions for him. How does all that hard work and genius justify an income hundreds of times greater that the equally hardworking farmer, factory worker, or schoolteacher who can’t afford a full-page ad in The Times to present their cases? As an equity investor, what actual useful service, what tangible product did you provide to improve our economy and contribute to society, comparable to that provided by the great bulk of working men and women in this country? What did you invent? What did you build? How many lives did you make better?

I imagine that your company a one-man version of Bain Capital, buying companies and then selling them at a huge profit after they cleaned house and laid off “unnecessary” employees. How many people lost their jobs to earn you your tens of millions of dollars?

I hope you and Rachael get to take your long-awaited trip around the world. America will be better off in your absence.

Victor J. Stenger 500 N Bermont St Lafayette, CO 80026  vic.stenger@comcast.net
Arī Latvijas sabiedrībā ir pienācis laiks sākt vērtēt katra ieguldījumu sabiedrības progresā. Jāveido likumdošana, kas ierobežo finansu operācijas, kas dod labumu tikai operāciju izpildītājiem. Protams, mēs esam tikai divi miljoni, un izcilu domātāju, no kuriem mēs varētu mācīties, mums ir 100 reizes mazāk. Tādēļ, diemžēl, mums nav pamata cerēt, ka rīt kaut kas mainīsies. I.V.
Latvijā kaut kas tāds ir pilnīgi neiedomājams.

About basicrulesoflife

Year 1935. Interests: Contemporary society problems, quality of life, happiness, understanding and changing ourselves - everything based on scientific evidence. Artificial Intelligence Foundation Latvia, http://www.artificialintelligence.lv Editor.
This entry was posted in All Posts, Economics and Politics. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s