Bad Economics on TV
This morning I was watching the Today Show on NBC and there was an interview that included one of my favorite authors, Robert Kiyosaki (author of Rich Dad Poor Dad) and Donald Trump (the man who needs no introduction).
The thing that caught my attention were remarks by host Meredith Vieira who asked about the title of a new book Trump and Kiyosaki had written, Why We Want You to Be Rich. Remarkably, Vieira said "why would you gentlemen want others to get rich, that means less money for you." Trump responded jokingly, "everyone is getting my money" or something of that effect; both responded to her statement by saying that the middle class is quickly disappearing which will have a horrible affect on a Democratic country such as the US. Meanwhile, they let her horribly fallicious statement stay out there, that some how, wealth is a finite resource and that people only get more money by taking money from others. This "win-lose" philosophy (in contrast to "win-win") is exactly the reason why many people don't even attempt to be successful. How are they going to compete against a Trump?
Wealth is not limited, there is plenty to go around. There are more people with more wealth in this country than in any time in US history. The ability to become a successful entrepreneur is greater now than ever as well. The US has a monetary policy that fosters the growth of the money supply and its spreading to others based on production, because production gives it value. If the economy is growing, the money supply can grow and the value of money is largely mantained. That growing money supply goes to the new wealthy, without taking a penny from those who have had money long before.
This failure to properly teach economic concepts is one of the primary reason we have problems with people climbing the ladder of success. People are often afraid to get on because many actually believe that the only way one can win is if others lose. That is too bad, because in the United States there is plenty of room for success for everyone.
The thing that caught my attention were remarks by host Meredith Vieira who asked about the title of a new book Trump and Kiyosaki had written, Why We Want You to Be Rich. Remarkably, Vieira said "why would you gentlemen want others to get rich, that means less money for you." Trump responded jokingly, "everyone is getting my money" or something of that effect; both responded to her statement by saying that the middle class is quickly disappearing which will have a horrible affect on a Democratic country such as the US. Meanwhile, they let her horribly fallicious statement stay out there, that some how, wealth is a finite resource and that people only get more money by taking money from others. This "win-lose" philosophy (in contrast to "win-win") is exactly the reason why many people don't even attempt to be successful. How are they going to compete against a Trump?
Wealth is not limited, there is plenty to go around. There are more people with more wealth in this country than in any time in US history. The ability to become a successful entrepreneur is greater now than ever as well. The US has a monetary policy that fosters the growth of the money supply and its spreading to others based on production, because production gives it value. If the economy is growing, the money supply can grow and the value of money is largely mantained. That growing money supply goes to the new wealthy, without taking a penny from those who have had money long before.
This failure to properly teach economic concepts is one of the primary reason we have problems with people climbing the ladder of success. People are often afraid to get on because many actually believe that the only way one can win is if others lose. That is too bad, because in the United States there is plenty of room for success for everyone.
posted by Kevin Price at 7:55 AM
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