Does it really matter what the 1% earns?

There's been a lot of handwringing in recent years over wealth inequality. Democrats like Robert Reich say we're doomed.

"95% of the economic gains since the recovery began in 2009 are going to the top 1%."

But why should you care if Jeff Bezos and Bill Gates earn more in a day than you might in a lifetime?

Rice economist John Diamond says we shouldn't be envious, we should be grateful.

"It's pretty clear we'd be worse off if Amazon was not created; we'd be worse off without Microsoft."

Professor Diamond says the so called 'one percent' isn't keeping you from earning money.

"People that invent big things that transform our lives and make them better usually end up being very wealthy because they create a lot of wealth -- they don't take wealth."

Many Americans apparently believe there's just one big pile of money and if the rich guys get it first you're out of luck, but that's simply not true. The rich guys make the pile bigger for everyone.

"These three people created wealth and by creating wealth they make the economic pie bigger; so, they may take a big slice of that pie but the pie is larger and the piece you're left consuming is larger than if they hadn't created that."

As President Kennedy once said "a rising tide lifts all boats."


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