America needs more Mark Zuckerbergs, not fewer. How to create them? There is no magic formula, but Henrekson and Sanandaji find the rate of billionaire entrepreneurs correlates positively with nations that have lower taxes, more venture capital investment, and less regulation. High capital gains taxes seem particularly harmful.
Worrying about those things would be a good start for Washington. While inequality hasn’t made it harder to get on the success ladder, it does make it more costly to stay stuck at the bottom. A more entrepreneurial U.S. economy generating more high-paying jobs will ensure more people are making that climb to the top rungs.
I certainly agree with the title of this article. America needs more billionaires but it is how they accumulate those billions that matter and especially what they do with them later. Those who invent the “better mousetrap” create jobs and wealth beyond themselves are of great value to our country. Let’s look at a century ago when Henry Ford invented the assembly line. He made billions in today’s dollars but he also gave his workers wages much greater than the current standards. Everyone benefited from his new methods. Yeah, I admit that assembly line work is stifling but it was about the only good paying jobs available during those times.
Today there are thousands of Henry Fords around who have made the latest things. Guys like Mark Zuckerberg and Steve Jobs are to be celebrated for their entrepreneurial lives. But for every Jobs there are probably dozens who are getting richer by paying slave wages to their workers. In other words they are getting rich on the backs of those they employ. I believe that this condition is as bad or maybe even worse than it was a century ago before a stubborn progressive Republican president took on the robber barons of his time.
Who will take on today’s robber barons? Walmart is an essential part of many small communities including mine. I make frequent trips there every week as they are about the only place to shop now. They are widely known to pay minimum wage for most of their workers while their corporate profits continue to rise and their owners who for the most part inherited their stocks get vulgarly wealthy.
It used to be that corporations were based on a three-legged stool. The three legs were customers, owners, employees. As long as these three entities were balanced a corporation was considered healthy. But now days the employee leg has been cut off almost up to the seat level. The stability of the stool is no longer viable.
America needs more billionaires that’s for sure….