John Ransom

Yes, this is how bad it’s become.

More people than ever before are becoming rich. And it’s really not fair.

At least that’s the conclusion the Associated Press reaches in a new survey presumably designed to help president Obama’s “It’s-all-the-rich-people’s-fault-and-certainly-has-nothing-to-do-with-anything-I’VE-done” 2014 election tour.

“Fully 20 percent of U.S. adults become rich for parts of their lives,” says the Associated Press, “wielding outsize influence on America's economy and politics. This little-known group may pose the biggest barrier to reducing the nation's income inequality.”

Oh no!

They don’t go on to explain exactly HOW this group poses “the biggest barrier to reducing the nation's income inequality,” but who needs facts and logic when there is a campaign to be won?

My guess is that since MANY people move in and out of the top two percent of earners, it messes with the statistics. Income mobility, in other words, makes the myth of “income inequality” appear bigger than liberals actually made up previously.

It was much better when the top-earners were a small segment of society who could prevent the riff-raff from fouling up the nicer sections of town…and stuff presidential elections with successful millionaires like Mitt Romney, who-- whatever else one might say about him—would not have fumbled the launch of a Romneycare for America! website.

And as far as influence goes: We shouldn’t listen to those bad people in the top two percent of earners who actually know how to successfully launch a website or medical practice or insurance company.

It’s much better to follow the dictates of a man who became famous for being famous and remains famous for little else he’s done-- because, truthfully, he’s done nothing successfully except campaign.


John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

Get the best of Townhall Finance Daily delivered straight to your inbox

Follow Townhall Finance!