Monday, January 05, 2004
On Eric Alterman:
Eric Alterman has a skull so thick he should consider donating it to the US Army in hopes the material might better be used as armor plating for M-1’s and Humvees. His latest blog takes aim at “the selfish rich” and continues with cheap shots about how much they give to charity. By his definition, obviously they have too much and give too little. By his own definition, personal wealth should be limited to not more than $20 million above which value should be given (or in other words forcibly taken) to those with less.
Mr. Alterman has the same understanding of basic economic principles and concepts as does my six-year-old son. Actually, my son has a far better understanding of the laws of supply and demand than Mr. Alterman ever will.
First point of rebuttal: It’s not your money.
If someone, by whatever legal means, manages to put together a net worth of $20 million or more, especially with today’s confiscatory tax structure, more power to them. They earned it. The nature of a free society dictates that if they want to give a chunk to charity, that is their right. However, if they want to go and blow $150,000 on a gold-plated Humvee, that too is their right. It doesn’t matter what Mr. Alterman thinks, or desires that people do with their own money. I’m sure to him that is a travesty.
Second point of rebuttal: Wage caps stifle the economy.
One of the reasons the US economy is fundamentally strong is the fact anyone can succeed. There is no limit to the amount of money you can earn, the wealth you can acquire, or the material possessions you can buy. There are people for whom $20 million is not enough. In some incarnation of myself, I’m sure there is that person. The point is, if a magical $20 million is all you’re allowed to acquire, that’s all you’ll work to do. You’ll never have the incentive to work any harder or create anything else. That is a proven fact of economics. Facts, Mr. Alterman, are stubborn things.
I believe Mr. Alterman’s problem stems from a deep seated jealousy. You see, despite the fact he somehow managed to squeeze himself on to MSNBC.com with a column that is at best laughable and most times full of down right hysterical rants, he doesn’t have a net worth of $20 million +. (For the record, neither do I , but I don’t take unwarranted pot shots at those who do.) And, despite his best efforts, he never will have that net worth. The laws of supply and demand are very tough customers. There is an oversupply of left wing liberal loony columnists, and a limited demand for their drivel.
Of all the “unreadable” media people mentioned in Alterman’s sorry excuse for a column, he fails to mention the most obvious, himself.
Here endeth the lesson.