Rich Elites Quotes
The President was asked his opinion of his opponents proposal to roll back the large tax cuts that he had passed for wealthy people. Instead of commenting on the societal aspect of the question, he took it from the point of view of the rich.
Rich people the world over have often sought a safe way to save their money. Unfortunately, in most counties of the world, there is not the rule of law and the limited government that is in the United States and a few other industrial democracies. So the rich of those countries will often avoid investing their money in their own country and instead invest it in the United States or another “safe” country. This lack of patriotism makes development of poorer countries that much more difficult. However, the rulers of those countries rarely do the things necessary to create a reasonably safe environment for investment. Even in America, some wealthy people will invest in other nations or “bet against the dollar” in favor of the Yen, the Swiss Franc or the Euro. During the American Revolution and the War of 1812, there was every reason for wealthy Americans to send their money to England for investment or banking there, However, most American wealthy families were patriotic enough not to maximize their personal income.
