FOR SOME, THE GOOD TIMES NEVER END
Editor's Note: We've recently been criticized for being one-sided in our articles about the American economy, concentrating as we do on poverty, hunger, inadequate medical care and the powerlessness of the people. In the interests of balance, we have decided to publish the following submission by one of our critics, who wishes only to be identified as a corporate executive who is "proud to fly two flags on my Mercedes SUV."
Why are so many Americans wringing their hands about the current U.S. economic situation? Don't they know that the good times have been booming for quite a few of us in recent years?
Obviously, the economy remains a trifle sluggish since the brief recession ended. That's certainly to be expected. Undoubtedly as well, the stock market prefers a leisurely recovery for reasons of its own, guided as it is by mysterious impulses. True also, poverty is supposed to be increasing, but it is mostly confined to people who work with their hands, or who don't work as hard as people who are better-off. Some do not wear the right clothes for a job interview -- or speak English properly, for that matter. What do they expect, handouts? And even if the government seems to be going broke because of temporary economic readjustments, last year's middle-class tax cuts, and the needs of our besieged, wartime society -- we are, after all, under attack! -- all that's required is for Congress to raise the $595 trillion national debt ceiling and the problem vanishes overnight.
Anyway, these complaints only represent the negative side of a fabulously positive fiscal picture, a fact too many people prefer to ignore these days because they want to blame President Bush for everything. It's almost as though these professional contrarians never read the New York Times Sunday Styles section or the real estate ads in the Times Magazine (3 bedroom "magnificent condo" in the East 60s, $3.7 million; "waterfront estate," Southport, Conn., $20 million).
For instance, in the midst of all the whining about the economy, the Dow Jones News Service reported June 17 that "despite the volatile markets and economic downturn, the net worth of millionaires in the United States increased in 2001." That's right, increased. Doesn't sound like much of a downturn for the deserving folks who keep the wheels of commerce and industry (and thus America itself) well-oiled and rolling. According to Merrill Lynch & Co. and Cap Gemini Ernst & Young LLP, "the combined wealth of high net-worth individuals -- classified as people with financial assets of at least $1 million, excluding real estate -- rose 3% to $26.2 trillion." The financial companies also forecast that this group's net worth will increase 8% a year to hit $38.5 trillion by 2006. Not bad for a "hobbled" economy, eh? And, darn it, what other country could increase its defense budget by $48 billion, the way President Bush did a few months ago to protect all Americans from terrorism, without batting an eye?
So what's all this pessimism about? Here are more examples of just how good the times are today, according to a recent column by Newsday's Marie Cocco: "In the economic shock wave that struck after the terrorists did, sales of $400 to $800 barbecue grills --trade-up types popular with the middle-class -- dropped." But sales of $10,000 fancy grills "equipped with built-in smoker boxes, cocktail carts, plate warmer, and digital temperature probes... never slumped." Cocco also mentioned "the $11,750 case of wine" recently auctioned at Sotheby's, noting further that the $700 Yves St. Laurent shoulder bag with a deer-horn handle is simply "prancing off the shelves at Bergdorf Goodman."
And how about these other harbingers that good times are here for keeps: The U.S. economy is so strong that just 60 fellow citizens possess total assets of $331 billion. If only a few dozen people can earn this many billions, just imagine how much the rest of us could have if we put our minds to it. Recession, indeed! Executive pay at top U.S. corporations climbed 571% during the 1990s -- and it's continuing to jump even as the nay-sayers try to sink us into gloom. And far more riches are coming down the pike. Over 50% of the tax cuts will spread far and wide next year to the most industrious 1% of the nation's people. The economy is so good, in fact, that the government didn't need Enron to pay any taxes at all for five years. Other companies, such as General Motors, didn't have to pay for three of those five years. This alone stamps our economy A-OK, despite occasional blips on the screen.
And it's not by a long shot just our overworked corporate leaders and workaholic stock market brokers who are benefiting from a vigorous economic system. The wealth is all over the place. Our selfless judges, public servants, and politicians for example -- totally contradicting the dire predictions of liberal groaners and socialist moaners -- are doing quite well in this economy, thank you. According to recently released tax disclosure forms for last year, five of the nine members of the U.S. Supreme Court are enjoying the millionaire life -- and most of the other four are heading that way. As for politicians (and these tireless fighters against terrorism are just as much heroes as the cops and firefighters), our President worked so diligently that he is a multimillionaire today, as are virtually all members of his Cabinet. And talk about democracy -- most of those Cabinet people have a lot more money than their boss, the President of the United States! Only in America, we'd say. Even our 24/7 Congresspeople, the very ones to whom we owe the USA Patriot Act and the 10-year reduction in the Estate Tax, have found the time away from the front lines to accumulate some sweat-equity savings. Indeed, the 50 wealthiest members of Congress will be rewarded with a combined gain of more than $1 billion as a result of their well-deserved tax cut.
So we think it is time for the Bush-hating nattering nabobs of economic negativism and exponents of class war to be sent back to Afghanistan, where they belong. This isn't a punishment because they will be able to barter with our good friends in Kabul, President Hamid Karzai and the freedom-fighting warlords of the Northern Alliance, for seats in the next loia jirga. But we shouldn't allow them back until they stop letting the terrorists win by running down our economy and egregiously portraying the U.S. as split between haves and have-nots. It's just absurd to talk about our free enterprise system being in trouble or causing deserving people hardship. For the best of us -- and being best still counts in the Land of the Free where our well-being depends on a God-given system of competition for individual primacy instead of the godless dole for slackers -- the good times never stopped rolling. (end)