Elon Musk, Jeff Bezos Are A 'Blessing' For US Economy, Says American Enterprise Institute Director: 'We Should Want More Billionaires, Not Fewer'
Elon Musk and Jeff Bezos, often criticized for exacerbating income inequality, have been described as a boon for the U.S. economy by a senior American Enterprise Institute (AEI) member.
What Happened: Business Insider reported on Wednesday that Michael Strain, a director at the AEI, contends billionaires are vital for the nation’s economy, as their innovations generate substantial value. Strain’s defense of billionaires contradicts the widely-held view that they contribute to America’s wealth disparity.
Strain particularly highlighted Bezos, pointing out that his $170 billion net worth is dwarfed by the approximately $8 trillion in value he has created for the U.S. economy. This, according to Strain, suggests that billionaire innovators like Bezos are not solely a result of flawed economic policies.
“These nationalists and progressives have it backwards: we should want more billionaires, not fewer,” Strain said. “Billionaire innovators create an enormous amount of value for society.”
Strain acknowledged that there are areas in the U.S. capitalistic structure that need improvement, but he believes the solution to these issues lies in providing economic aid to the poor rather than vilifying billionaires.
Why It Matters: Strain’s comments come amid increasing scrutiny of wealth inequality in the U.S. This issue has been underscored by the substantial rise in the net worth of top billionaires, as seen in 2023. Figures like Musk, Mark Zuckerberg, and Bezos experienced significant gains, collectively adding an impressive $456 billion to their wealth.
Despite this, the top 1% of Americans took home 14.6% of all wages in 2021, a figure that has doubled in the last 45 years. Meanwhile, the bottom 90% of earners received just 59% of all wages, the lowest level ever recorded. According to a study from the Economic Policy Institute, this wealth disparity may cost the U.S. economy around $300 billion a year.
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