Give Back? Yes, It’s Time For The 99% To Give Back To The 1%

WASHINGTON, DC - JULY 18:  Lloyd Blankfein, Ch...

Lloyd Blankfein, Chairman and CEO of the Goldman Sachs Group (Image credit: Getty Images via @daylife)

It’s time to gore another collectivist sacred cow. This time it’s the popular idea that the successful are obliged to “give back to the community.” That oft-heard claim assumes that the wealth of high-earners is taken away from “the community.” And beneath that lies the perverted Marxist notion that wealth is accumulated by “exploiting” people, not by creating value–as if Henry Ford was not necessary for Fords to roll off the (non-existent) assembly lines andSteve Jobs was not necessary for iPhones and iPads to spring into existence.

Let’s begin by stripping away the collectivism. “The community” never gave anyone anything. The “community,” the “society,” the “nation” is just a number of interacting individuals, not a mystical entity floating in a cloud above them. And when some individual person–a parent, a teacher, a customer–”gives” something to someone else, it is not an act of charity, but a trade for value received in return.

It was from love–not charity–that your mother fed you, bought clothes for you, paid for your education, gave you presents on your birthday. It was for value received that your teachers worked day in and day out to instruct you. In commercial transactions, customers buy a product not to provide alms to the business, but because they want the product or service–want it for their own personal benefit and enjoyment. And most of the time they get it, which is why they choose to continue patronizing the same businesses.

All proper human interactions are win-win; that’s why the parties decide to engage in them. It’s not the Henry Fords and Steve Jobs who exploit people. It’s the Al Capones and Bernie Madoffs. Voluntary trade, without force or fraud, is the exchange of value for value, to mutual benefit. In trade, both parties gain.

Each particular individual in the community who contributed to a man’s rise to wealth was paid at the time–either materially or, as in the case of parents and friends, spiritually. There is no debt to discharge. There is nothing to give back, because there was nothing taken away.

Well, maybe there is–in the other direction. The shoe is on the other foot. It is “the community” that should give back to the wealth-creators. It turns out that the 99% get far more benefit from the 1% than vice-versa. Ayn Rand developed the idea of “the pyramid of ability,” which John Galt sets forth inAtlas Shrugged:

When you live in a rational society, where men are free to trade, you receive an incalculable bonus: the material value of your work is determined not only by your effort, but by the effort of the best productive minds who exist in the world around you.

When you work in a modern factory, you are paid, not only for your labor, but for all the productive genius which has made that factory possible: for the work of the industrialist who built it, for the work of the investor who saved the money to risk on the untried and the new, for the work of the engineer who designed the machines of which you are pushing the levers, for the work of the inventor who created the product which you spend your time on making . . .

In proportion to the mental energy he spent, the man who creates a new invention receives but a small percentage of his value in terms of material payment, no matter what fortune he makes, no matter what millions he earns. But the man who works as a janitor in the factory producing that invention, receives an enormous payment in proportion to the mental effort that his job requires of him. And the same is true of all men between, on all levels of ambition and ability. The man at the top of the intellectual pyramid contributes the most to all those below him, but gets nothing except his material payment, receiving no intellectual bonus from others to add to the value of his time. The man at the bottom who, left to himself, would starve in his hopeless ineptitude, contributes nothing to those above him, but receives the bonus of all of their brains. Such is the nature of the ‘competition’ between the strong and the weak of the intellect. Such is the pattern of ‘exploitation’ for which you have damned the strong.

For their enormous contributions to our standard of living, the high-earners should be thanked and publicly honored. We are in their debt.

Here’s a modest proposal. Anyone who earns a million dollars or more should be exempt from all income taxes. Yes, it’s too little. And the real issue is not financial, but moral. So to augment the tax-exemption, in an annual public ceremony, the year’s top earner should be awarded the Congressional Medal of Honor.

Imagine the effect on our culture, particularly on the young, if the kind of fame and adulation bathing Lady Gaga attached to the more notable achievements of say, Warren Buffett. Or if the moral praise showered on Mother Teresa went to someone like Lloyd Blankfein, who, in guiding Goldman Sachs toward billions in profits, has done infinitely more for mankind. (Since profit is the market value of the product minus the market value of factors used, profit represents the value created.)

Instead, we live in a culture where Goldman Sachs is smeared as “a great vampire squid wrapped around the face of humanity.” That’s for the sin of successful investing, channeling savings to their most productive uses, instead of wasting them on government boondoggles like Solyndra and bridges to nowhere.

There is indeed a vampire squid wrapped around the face of humanity: the Internal Revenue Service. And, at a deeper level, it is the monstrous perversion of justice that makes the IRS possible: an envy-ridden moral code that damns success, profit, and earning money in voluntary exchange.

An end must be put to the inhuman practice of draining the productive to subsidize the unproductive. An end must be put to the primordial notion that one’s life belongs to the tribe, to “the community,” and that the superlative wealth-creators must do penance for the sin of creating value.

And Ayn Rand is just the lady who can do it.

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2 thoughts on “Give Back? Yes, It’s Time For The 99% To Give Back To The 1%

  1. Brilliant…Brilliant…Brilliant, well written and to the point. It’s funny, we are suppose to be a Representative Republic yet we follow the second tenet of the Communist Manifesto…”a heavy and progressive income tax.”.

  2. THE BIG PARTY OF GOLDMAN SACHS IN ITALY

    enrico letta, THE PRIME MINISTER OF ITALY IS PROCEEDING TO THE SELLING OUT OF ITALY. https://en.wikipedia.org/wiki/Enrico_Letta
    enrico letta IS A PUPPET OF GOLDMAN SACHS BECAUSE HIS UNCLE gianni letta IS “A MEMBER OF THE ADVISORY BOARD OF GOLDMAN SACHS INTERNATIONAL”. https://en.wikipedia.org/wiki/Gianni_Letta
    GOLDMAN SACHS IS CONTROLLED BY BLACKROCK.
    ” BlackRock says it owns about 6.2% of Goldman and 5.4% of Morgan Stanley ” http://advisor.morningstar.com/articles/printfriendly.asp?s=&docId=18573&print=yes
    ” Merrill Lynch & Co., Inc., a wholly-owned subsidiary of Bank of America Corporation, The PNC Financial Services Group, Inc. and Barclays PLC own economic interests in BlackRock approximating 34.1%, 24.6% and 19.9%, respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees.”
    http://publicintelligence.net/blackrock-inc/
    Bank of America is connected with the person of Warren Buffet a notorious friend of Lord JACOB ROTHSCHILD.
    http://www.huffingtonpost.com/2011/11/14/warren-buffett-ibm_n_1092165.html
    Lord JACOB ROTHSCHILD “Hosted the European Economic Round Table conference in 2002 at Waddesdon Manor, attended by such figures as James Wolfensohn, Nicky Oppenheimer, Warren Buffet, and Arnold Schwarzenegger ” https://wikispooks.com/ISGP/organisations/introduction/PEHI_Jacob_de_Rothschild_bio.htm
    Bank Of America and Merrill Lynch are also related with the Edmond De Rothschild, owned by BENJAMIN DE ROTHSCHILD, through the persons of Gerald Levy, Matthieu Walterspiler, Barbara Colombo, Beate Bakker, etc… https://en.wikipedia.org/wiki/Benjamin_de_Rothschild
    http://www.linkedin.com/pub/gerald-levy/60/b49/b87 http://uk.linkedin.com/in/walterspiler http://www.linkedin.com/pub/barbara-colombo/26/b21/766 http://ch.linkedin.com/pub/beate-bakker/16/a55/491
    Warren Buffet is also a friend of EVELYN DE ROTHSCHILD.
    https://wikispooks.com/ISGP/organisations/introduction/PEHI_Evelyn_de_Rothschild_bio.htm
    The same Warren Buffet, that is chairman of Berkshire Hathaway, ” agreed to purchase $5 billion in Goldman’s preferred stock “.
    https://en.wikipedia.org/wiki/Goldman_Sachs https://en.wikipedia.org/wiki/Berkshire_Hathaway
    Barclays is a bank related with the British Crown and therefore connected with Lord JACOB ROTHSCHILD and EVELYN DE ROTHSCHILD.
    ” Lord JACOB ROTHSCHILD, the behind-the-scenes controller of the Inter-Alpha Group, was a partner at Rothschild at the time he set up the Inter-Alpha Group in 1971, using its resources and then leaving in 1980 to continue his special mission, which includes advising the genocidal British Crown and managing the funds of Prince Charles’ Duchy of Cornwall, to finance his kooky, “green” schemes.”
    http://unitednationsoffilm.com/?p=1728
    ” Prince Charles already played polo with EVELYN DE ROTHSCHILD in his student years and later set up the Interfaith consultations with him. ”
    http://www.gnosticliberationfront.com/people_with_the_endless_bios.htm
    EVELYN DE ROTHSCHILD ” In 1989, he was knighted by Queen Elizabeth II,[2] for whom he serves as a financial adviser. ” https://en.wikipedia.org/wiki/Evelyn_Robert_de_Rothschild
    Barclays Bank and Royal Bank of Scotland are also linked with BENJAMIN DE ROTHSCHILD.
    http://www.linkedin.com/pub/laura-scolan/a/ba1/7b7 http://www.linkedin.com/pub/mark-phillips/4/5b9/772 http://it.linkedin.com/pub/guido-corsetti/a/67a/44a http://www.linkedin.com/pub/nicolas-jugniot/b/78/884
    letta IS SELLING THE COMPANY ANSALDO TO DOOSAN, GENERAL ELECTRIC AND HITACHI.
    http://translate.google.com/translate?sl=it&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.ilmanifesto.it%2Fattualita%2Fnotizie%2FmricN%2F9907%2F
    DOOSAN IS RELATED TO MCKINSEY. https://alumni.mckinsey.com/alumni/default/public/content/jsp/alumni_news/20060926_JimBemowskiLBN.jsp
    MCKINSEY IS LINKED WITH TONY BLAIR, A NOTORIOUS FRIEND OF LORD JACOB ROTHSCHILD AND SIR EVELYN DE ROTHSCHILD.
    http://aangirfan.blogspot.com/2005/06/enron-mckinsey-tony-blair-cabinet.html http://www.dailymail.co.uk/news/article-1359330/Gaddafi-heir-Saif-inevitably-friend-Andy-Mandy.html
    http://www.dailymail.co.uk/news/article-1138789/Now-Tony-Blairs-finally-got-private-jet-hes-wanted-rented.html
    MCKINSEY IS ALSO LINKED WITH BENJAMIN DE ROTHSCHILD. http://il.linkedin.com/pub/michal-agmon/22/359/784 http://www.linkedin.com/pub/dir/Pascal/Chrobocinski
    GENERAL ELECTRIC IS CONNECTED ALSO WITH BP AND GOLDMAN SACHS BOTH CONTROLLED BY BLACKROCK. http://larouchepub.com/other/2007/3427bae_slimemold.html
    http://www.sourcewatch.org/index.php/BlackRock
    HITACHI ALSO HAS RELATIONS WITH GOLDMAN SACHS. http://www.hightechnewstoday.com/mar-2011-high-tech-news-archives/55-mar-07-2011-high-tech-news.shtml
    ” Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton’s Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarize this below,
    Step One: Privatization.
    This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. ” http://www.iamthewitness.com/books/Andrew.Carrington.Hitchcock/Synagogue.of.Satan/1998-2002.htm
    letta AND company ARE PREPARING TO TAKE THE TANGENT OF 10% BY GOLDMAN SACHS ? http://www.telegraph.co.uk/finance/markets/2809685/Italians-claim-country-run-by-Goldman-Sachs.html

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