A mere millionaire is not wealthy

President Barack Obama has repeatedly implied that families with incomes in excess of $250,000 are wealthy. There are many families in New York, Washington, San Francisco and other expensive American communities who barely live an upper-middle-class lifestyle on $250,000 per year. These couples tend to be successful professionals, business managers and small-business owners. If they want to retire with an upper-middle-class lifestyle on $250,000 per year without touching principal, they would need financial assets of $6 million to $8 million. In other words, a net worth of less than $10 million merely lets the retiring couple maintain a comfortable upper-middle-class lifestyle. This is the lifestyle of the “American Dream” to which most Americans reasonably aspire. It is not the super-luxurious and sumptuous lifestyle of the “rich and famous.”

It is unfortunate that the progressives reject the proven economic tools that lead to general prosperity: tax reductions, less regulation, balanced government budgets and policies that encourage individuals to be productive and responsible. After all, the mere millionaires are the most productive members of the economy. Why do the progressives want to reduce America’s productivity by taking the hard-earned wealth of the mere millionaires? If this happens, the whole economy will suffer.


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