Letters to the Editor

Dear Editor,

It is truly heartbreaking to witness tremendous disparities in wealth and power in a society where people who make billions of dollars and people who barely make ends meet both exist. Therefore, it is understandable that the larger the wealth gap, the more frustration people have toward the economic and political systems that seem to favor the rich. However, claiming that billionaires must share their wealth is simply not right.

First and foremost, it is not constitutional that one must share wealth with others. Similarly, no one has the legal right to tell others what they must or must not do with their own financial assets or money. Therefore, a more appropriate title for the article should be considered to strengthen the message of the whole article. “Five good reasons why billionaires should contribute their wealth to society” could be a good example.

Second, the claim that billionaires “hoard” their wealth and prevent money from flowing into the economy is a myth. The fact is that most billionaires direct or indirectly keep their money flow and help boost the economy. For example, billionaires’ corporations have created millions of jobs that help stimulate the economy and improve life for others. Furthermore, their excessive spending on products and services turns out to be a good sign for those many industries whose income relies on providing such goods and services. What about billionaires who do not like to spend? Even an undeserving billionaire who is extremely selfish still has his/her unused money deposited in banks or other financial institutions. Banks then use these sources of money to either make loans to small businesses or individuals who are in need. Thus, whether that selfish billionaire intends to keep the money or not, it is indirectly reinvested into the economy through the banks’ business activities.

Finally, the fact is that people need good education and jobs more than money from charity. An Italian proverb “Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for his lifetime” is true. Would we prefer to teach our children the necessary skills to make a living on their own or to advise them to seek assistance and support from charity? What if billionaires ran out of money by donating most of their wealth in some philanthropic works and could no longer support other charities? Would that result in the middle-class’s turn to share their wealth? Obviously, it is not about if billionaires should share the wealth. It is about how the government can distribute resources and opportunities equally among classes in our society. It is the system that needs to be fixed, not humans and their ability to generate wealth.

Sincerely,

Anh Ngoc Lan Le

corporate accounting and finance junior