A mere millionaire is not wealthy

President Barack Obama has repeatedly implied that families
with incomes in excess of $250,000 are wealthy. There are many families in New
York, Washington, San Francisco and other expensive American communities who
barely live an upper-middle-class lifestyle on $250,000 per year. These couples
tend to be successful professionals, business managers and small-business
owners. If they want to retire with an upper-middle-class lifestyle on $250,000
per year without touching principal, they would need financial assets of $6
million to $8 million. In other words, a net worth of less than $10 million
merely lets the retiring couple maintain a comfortable upper-middle-class lifestyle.
This is the lifestyle of the “American Dream” to which most Americans reasonably
aspire. It is not the super-luxurious and sumptuous lifestyle of the “rich and
famous.”

It is unfortunate that the progressives reject the proven
economic tools that lead to general prosperity: tax reductions, less
regulation, balanced government budgets and policies that encourage individuals
to be productive and responsible. After all, the mere millionaires are the most
productive members of the economy. Why do the progressives want to reduce
America’s productivity by taking the hard-earned wealth of the mere
millionaires? If this happens, the whole economy will suffer.

Williams can be heard daily on Sirius/XM Power 169 from 9 to 10 p.m. and from 5 to 6 a.m.

Visit www.armstrongwilliams.com.