The Rich and Their Money
In response to Michael Kinsley’s column “rich-bashing” column (Editorial Pages, Oct. 27), I’d like to point out a few facts about the rich and their money.
The rich can only do three things with their money: spend it, save it or invest it. If they spend it, even on extravagant items such as a second home, a Cadillac or a world cruise, they still create jobs in the housing, automobile and travel industries.
If they save it in a financial institution, the money goes into the pool of funds available to people who want to borrow money for such things as a home or starting up a new business, both of which create jobs.
Finally, the only other things the rich can do with their money is invest it. Whether they invest in business, real estate projects or any other area, they create jobs.
Even if a rich person is greedy and does not care what happens to the average worker or the poor, he or she cannot help but do good with their money. There is simply no way the rich can “hoard” their wealth and keep it only for themselves.
Furthermore, the jobs created in the above ways are “real” jobs in the private sector not “make work” schemes that the government has created.
GARY SIEGEL
Los Angeles
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