Most of America’s Rich are Self-Made

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Spread the wealth! Demonize the rich! (AP photo by Michael Dwyer, Oct. 16, 2010)

Obama and the Democrats are in a deadlock with Congressional Republicans on raising the U.S. debt ceiling. So he’s now turning to the classic Marxist ploy of class envy and class struggle.

In a press conference on July 11, Obama revealed his true communist nature when he breezily declared that rich people shouldn’t keep money they “don’t need” when there are people “out there” who are “struggling”. That, of course, is a paraphrase of Karl Marx’s famous dictum of utopian communism being a society of “from each according to his ability, to each according to his needs.”

Yesterday, Obama conjured a statistic from thin air, claiming that 80% of the public support the Democrats’ demand for tax increases on “the wealthy” and business corporations. “The American people are sold,” Obama said. “The problem is members of Congress are dug in ideologically.”

So who exactly are these selfish evil “wealthy” Americans?

In January-February 2011, U.S. Trust conducted one of the most in-depth nationwide surveys on the “high net worth and ultra high net worth” in the United States. The independent research firm Phoenix Marketing International surveyed approximately 450 wealthy Americans, defined as those with $3 million or more of investable assets, excluding primary residence but including retirement assets. The survey was administered online and lasted an average of 20 minutes. 457 questionnaires were completed; all respondents had stated liquid assets of at least $3 million, their self-reported asset information was verified by “algorithms in place” and “confirmed with questions in the survey itself.”

Here are the highlights of what the survey found:

  • The majority of wealthy Americans are self-made — they earned their money on their own. Nearly all respondents are wealthier than their parents. Over three-fourths of respondents accumulated their wealth through earned income from their occupation and investments. Only 27% accumulated any of their wealth through inheritance.
  • The majority (84%) attribute their wealth primarily to focus and hard work. Nearly 50% also believe intellect and personal values played a key role. Even three quarters of those who received large inheritances say their wealth is the byproduct of focus and hard work. Only 14% of respondents attribute their wealth to being part of a family that is financially fortunate.
  • 4 in 10 still do not consider themselves wealthy.
  • In many cases, their wealth was accumulated at a personal cost. 47% say there are consequences associated with accumulating the wealth they have, including not taking enough time off, being too busy to spend time with family, mishandling personal relationships and even letting their physical health suffer.
  •  About half of the respondents do not expect their heirs to attain the same level of wealth, in part because they don’t think heirs are prepared to handle family money, nor are the respondents looking for advice to turn their wealth into multi-generational assets. Only 12% of those surveyed said it is highly likely that next generation heirs will attain the same level of wealth or more.
  • Most of the respondents do not measure their self-worth by how much money they have. Only one-third consider the value of their assets to be a very important measure of their personal success and self worth. Instead, the most important measures of personal success/self worth are the quality of relationships with family and friends and the success of children.

You can read the survey findings for yourself by going HERE.

The left’s standard ploy of demonizing “the rich” is working. The Palm Beach Post reports on July 14, 2011, that a Quinnipiac University nationwide survey of 2,311 registered voters, conducted from July 5 through July 11, found that:

  • 67% sided with Democrats that an agreement to raise the debt ceiling should include tax hikes for the wealthy and corporations, not just spending cuts.
  • By a 2-1 margin, the survey’s respondents blamed former President George W. Bush rather than Obama for the economy, although Obama is now more than 60% through his term of office.
  • 48% would blame Republicans if the debt limit is not raised, compared to 34% who would blame Obama.

~Eowyn

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5 responses to “Most of America’s Rich are Self-Made

  1. I know I was raised to vilify the rich. Funnily enough, one of my siblings would qualify as rich, but said-sibling chose the right job and worked hard, so s/he is different from “those” rich. The double-standard is alive and well and appalling. Members of the family scream that the wealthy should share, and yet not one of them has offered to give me any money while I’m unemployed. I’m living on my savings. I haven’t asked for help, nor will I. But my family is a microcosm of the nation, and it’s insane scary. I keep putting my faith in God’s plan. He is more powerful than evil, and that is a comforting thought.

    Question: Am I the only one who finds the ultimatum BO gave for coming to an agreement odd? On Friday, he gave them 36 hours. Do I have the time right? 36 hours puts the deadline as the middle of this weekend, more specifically Saturday night or Sunday morning. BO has all the signs of someone who is highly narcissistic, and I’m wondering what game he’s playing. Anyone have any ideas?

     
    • Judy,

      My heart goes out to you that your “family” is stingy, lacking in charity, and unloving. I hope you find comfort and aid among friends and church.

      P.S. I’m glad you like the yawning baby! 😀

       
      • Thanks, Eowyn. I’m blessed with amazing friends that I know were God-given. At this time, I’m waiting to hear back on a query I sent out, but it could be a few months before I hear anything. I’ll be fine until then and beyond if it doesn’t work out. God has a way of taking me to the brink and then opening a door at exactly the right moment. 🙂

         
  2. American people are sold on it… More debt! More benefits! Free unicorns for everyone! (Sure. Jim Morrison’s new album with Justin Beiber will be out next month, too.)

     
  3. wait until we have lines for bread and food. and you have to get in the lines early in the morning before the food runs out. reminiscent of world war one russia the last years of the czar as obama further kills our economy the majority of the idiots in this nation still blame bush and unemployment keeps on growing your i.r.a. disappears czar obama declares himself president for life michelle has never been so happy.

     

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