What To Do With $100,000,000?

In a recent interview with Howard Stern, a reporter asked the radio icon about his wealth, “How do you spend $100 million?” He responded, “You don’t spend it, you hang onto it.”

Our country’s leadership had already proved how common Stern’s attitude was when they instituted the deep tax cuts of 2000, giving 50% of the tax breaks back to the top 5% of those who already had the most.

The stated philosophy was also a familiar chant: The wealthy need the tax cuts because they will spend it investing in our economy, creating jobs, and moving our country forward (trickle-down theory). The true result was that our country lost 8 million jobs, increased the national debt by nearly $5 trillion, and suffered the worst economic devastation since the Great Depression.

Big Business has also clearly demonstrated they are also in Stern’s camp. Businesses have now have amassed $1 trillion they are not spending but saving idle in bank accounts. The money didn’t trickle down. It was stored in their pockets.

By recently renewing the tax cuts to business owners making more than $500,000 per year, and those on a salary making more than $250,000 per year, Congress chose to deepen our national debt by an additional $500 billion. Instead of applying the critical wisdom we learned from the previous administration’s economic experiment, we chose instead to repeat the behaviors that have brought our country to its knees in the first place.

There is no doubt that some great things are being done by the very wealthy. This, I celebrate. However, I wonder if more great things could be done for our country by responding directly to the needs of the other 95% of Americans as well. If we took that $100,000 a year tax break given to the average millionaire, and put that money into the hands of those who need it most, they will spend it (not keep it) because they have to to survive. Customers then purchasing more products increase the need for manufacturing and services, allowing businesses to create more jobs, reducing unemployment, and bringing our economy back. Rather than just assuring the descendents of the wealthy can have their American Dream, this would assure that the majority of Americans have a shot at it as well.

Will you pray fervently with me this year, and get involved in the political process in a way that’s meaningful to you by promoting and encouraging our elected leaders to cease combating one another, and focus on what’s best for all the citizens they represent? America will move forward most effectively when egos, lobbyists, and political self-interest take a back seat to unity, cooperation, compassion for all, and a reminder we are our brothers’ keeper.

David Larson