As New York Mayor-elect Zohran Mamdani’s inauguration looms, the wealthiest Americans are being targeted as a rallying cry. In recent weeks, Mamdani’s criticism of millionaires and billionaires has been echoed by Sen. Bernie Sanders, megamillionaire singer Billie Eilish, and even an entity called “Patriotic Millionaires” which demands higher taxes on those wealthier than them.
Of course, philanthropy is patriotic. While the United States has the most billionaires and millionaires in the world, with 902 billionaires and almost 60 million millionaires, we are also the most philanthropic country across many financial and nonfinancial measures. And you certainly don’t have to be a high-net-worth individual to donate your money and time.
But calling billionaires policy failures is not about fairness. The rich pay much more than their “fair” share, with the top 5% paying 60% of all taxes collected in the U.S. It is a “luxury belief,” proclaiming an opinion to earn status. Debating exactly how much money people should or shouldn’t earn pushes a cultural narrative that frowns on success, disdains merit and the pursuit of meaning, promotes zero-sum thinking, and completely misunderstands the system that led to that wealth and its vast benefits for society.
Critics forget the quintessential American Dream stories that have made the U.S. the land of opportunity. Politicians like Mamdani ignore the myriad of risk-takers and innovators who created job opportunities for millions and improved standards of living for everyone (including his own family).
Continue reading at The Chicago Tribune.
Gonzalo Schwarz is President and CEO at the Archbridge Institute. Gonzalo focuses on researching and writing about the American Dream, social mobility, the economics of human flourishing, economic development, and entrepreneurship. He is the author of the institute’s "American Dream Snapshot” and editor of two publications focused on social mobility in Europe and Latin America. Gonzalo has an M.A. in economics from George Mason University and a B.A. in economics from the Catholic University of Bolivia. You can follow his Substack, "Living the Dream," where he writes about the American Dream.
Economics of Flourishing
As New York Mayor-elect Zohran Mamdani’s inauguration looms, the wealthiest Americans are being targeted as a rallying cry. In recent weeks, Mamdani’s criticism of millionaires and billionaires has been echoed by Sen. Bernie Sanders, megamillionaire singer Billie Eilish, and even an entity called “Patriotic Millionaires” which demands higher taxes on those wealthier than them.
Of course, philanthropy is patriotic. While the United States has the most billionaires and millionaires in the world, with 902 billionaires and almost 60 million millionaires, we are also the most philanthropic country across many financial and nonfinancial measures. And you certainly don’t have to be a high-net-worth individual to donate your money and time.
But calling billionaires policy failures is not about fairness. The rich pay much more than their “fair” share, with the top 5% paying 60% of all taxes collected in the U.S. It is a “luxury belief,” proclaiming an opinion to earn status. Debating exactly how much money people should or shouldn’t earn pushes a cultural narrative that frowns on success, disdains merit and the pursuit of meaning, promotes zero-sum thinking, and completely misunderstands the system that led to that wealth and its vast benefits for society.
Critics forget the quintessential American Dream stories that have made the U.S. the land of opportunity. Politicians like Mamdani ignore the myriad of risk-takers and innovators who created job opportunities for millions and improved standards of living for everyone (including his own family).
Continue reading at The Chicago Tribune.
Gonzalo Schwarz
Gonzalo Schwarz is President and CEO at the Archbridge Institute. Gonzalo focuses on researching and writing about the American Dream, social mobility, the economics of human flourishing, economic development, and entrepreneurship. He is the author of the institute’s "American Dream Snapshot” and editor of two publications focused on social mobility in Europe and Latin America. Gonzalo has an M.A. in economics from George Mason University and a B.A. in economics from the Catholic University of Bolivia. You can follow his Substack, "Living the Dream," where he writes about the American Dream.
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