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The rich can’t handle money – revisited

Dear Editor:

Mr. Shinkoskey spoke like a true socialist. And it is clear that he has no clue of how business works.

Without the cash deposits of “The Rich” banks and venture capital firms would not have the funds to lend to and invest with entrepreneurs to build their businesses. From Bill Gates to Jeff Bezos entrepreneurs from middle class families built huge corporate empires with the help of business loans and venture capital investments.

Corporations are neither good nor bad. Corporations are merely legal constructs to allow people to come together to produce goods and services in an organized way. Managers are either good or bad or mediocre – most are mediocre (average). The vast majority of corporate executive managers came from middle class families and worked their way up the corporate ladder. Yes, becoming a corporate executive is hard work, something socialists do not understand since they never did it.

Business decisions are primarily dependent on government regulations – tax, environmental and labor regulations. So if anyone drives corporations to shift operations from the USA to overseas it is governmental regulation. This is why we see the repatriation of corporate operations into the USA when governmental regulation gets simplified under Republican leadership and a transfer out of the USA under highly regulatory Democrat leadership.

No country spends as much money on public education as the USA, but that did not lead to the best educational system on the world scale. Our private college education has become so extremely expensive precisely because of governmental loan guarantees. Why should colleges economize and keep their tuitions low when they are guaranteed whatever they charge? And our children pay the price dearly, starting their lives with “mortgage payments” without owning a home. So it is precisely the socialist like Mr. Shinkoskey who do not know how to handle money, not “The Rich”!

Alexander Schenk

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