UNEMBWorld Bank Economist Blames America For Its Wealth
Wealth: A World Bank economist is trying to shame the US for being home to one half of the worlds richest people, the so-called 1%. In reality, its the world that should be red-faced for not creating wealth as America does.
Bank chief economist Branko Milanovic has come out with a book called The Haves and the Have Nots, whose purpose seems to be to argue theres something wrong about America having an outsized concentration of the worlds wealth.
Implied in the argument is that Americas wealth comes at someone elses expense, and the solution is to have a bureaucracy redistribute it more to his liking.
Milanovic writes of wealth as a one-way street and calls America a wealth ghetto.
Subtext: The worlds poor countries cant win.
Frankly, thats about as dim and pernicious a conclusion as that of an teacher who refuses to distinguish winners from losers based on performance.
The fact is, wealth inequality between nations correlates strongly to their political systems.
Not a democracy? Count on a big hit in wealth. According to the 2011 Forbes billionaires list, Venezuela has a grand total of two billionaires in a population of 28 million people, vs. the US 412 billionaires in a nation of 307 million. Democratically deficient Venezuela has one billionaire per 14 million people. Live-free-or-die America has one per 743,000 people.
Comments are currently closed.