Friday, April 10, 2020

India only has robbers, no barons.

"There is something deeply frightening about relying on billionaires to save us in this crisis," wrote Theodore Schleifer. "Jack Dorsey on Tuesday promised a new $1 billion philanthropy. Apple has donated 20 million masks. Bill Gates is building factories to produce vaccines that don't even exist yet. And other tech elites -- think millionaires, not billionaires -- have mobilized their networks for ambitious efforts to find equipment from around the globe or feed hospital workers in their hometown." So, why is it frightening? "Tech billionaires can be doing good while simultaneously revealing their power" "As the government struggles and the safety net crumbles". The rich should be made to pay more taxes instead, presumably so that the government can distribute it to the poor. According to the Center on Budget and Policy Priorities in the US, 23% of the budget is spent on Social Security, 25% goes on Medicare, Medicaid, Chip and marketplace subsidies and 8% goes on Safety Net programs for the very poor. That is a total of 56% of the federal budget of $4.4 trillion in 2019. "In a typical month Medicaid and Chip provide healthcare or long-term care to about 82 million low-income children, parents, elderly people and people with disabilities" and "government safety net programs kept 37 million people out of poverty in calendar year 2018". This, out of a population of about 331 million. The US has the best higher education system in the world, despite spending just 2% of the budget on education, because of endowments by the rich. The rich have always invited suspicion, some of it justified, which led to the term "robber barons". However, even though these men built their wealth through dubious means, they made America the economic giant it is today and also donated generously to many charities. So bitter is the anger against the well-off that the coronavirus is being celebrated as the "Boomer Remover" in the US because the Boomer generation enjoyed a very high quality of life during the post-war economic boom and have retired on generous pensions. In the UK, it has been suggested that the virus could have some economic benefit by "culling" old people, there by saving on pensions and healthcare expenses. Perhaps, the best illustration of the benefits of capitalism that the left hates so much, are the miles-long lines of cars waiting to collect food parcels from food banks in the capitalist US, compared to millions of daily wage laborers walking hundreds of miles back to their villages to avoid starvation due to the lockdown in India, where socialism is written in the Constitution. It may seem moral to be modern day Robin Hoods, robbing the rich to pay the poor, but, as India proves, it only increases poverty. And keeps us weak.

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