Anybody can partner with the government,
By A Customer
This review is from: Wealth and Democracy: A Political History of the American Rich (Paperback)I'm giving this book by Kevin Phillips 2 stars because he is partially correct; the government is helping the rich get richer by offering tax breaks, the lowest income people are paying the most in taxes..BUT...Phillips conveniently forgets to mention that anyone, even minimum wage street cleaners, housekeepers, telemarketers etc can start a small home based business, consulting, child care center, even network marketing and enjoy the same tax breaks as the wealthy. Employees always pay the absolute most in taxes. So Phillips is correct in his analysis but deserves jeers for not mentioning how the average income earner can reduce by 50%-100% his taxes.
The other thing that ticked me off is that Phillips again conveniently forgets to mention that the Asians have achieved great wealth in terms of net worth by saving 30% of their income while Americans save less than 5% even though their incomes are higher than the Asians. Could this be part of the problem why so many Americans are falling behind?
The wealthy also save or invest a major portion of their income. I know some broke people who always say; "Well if I was rich, I would save or invest too!" I don't know about that! What I see is more and more people spending money on their extravagant lifestyles, living beyond their means. If they made more, they would spend more.
Why 2 stars? Phillips did I believe an above average job of researching historical data for this tome and is a good writer. However, he sends out the wrong message and leaves out way too much fact. He even takes a poke at the still best selling book "The Millionaire Next Door." Interesting is that the people covered in that book became millionaires in the same country and under the same conditions that Phillips insists only benefits the ultra wealthy. Well, once again, these people, just like the ultra wealthy, became rich by taking advantage of the opportunities available in America. Also interesting is that one of the top producers of millionaires in the late 80's and early 90's was dry cleaning! I couldn't think of a more dull business to start but now wish I had!
People should walk away from Wealth & Democracy (and any other book by Phillips) and read quality, fact filled books on building wealth like The Millionaire Next Door, The Automatic Millionaire, The Millionaire Mind and Rich Dad Poor Dad.
I also found it interesting that while Kevin Phillips was promoting this book, he was on late nite tv talk shows that were aired right beside the "get rich quick" informercials. The only difference between Phillips and those get rich quick informercial guru's is that occasionally somebody makes money on one of those get rich quick schemes. I have yet to hear of anyone who has made any money (save book distributors) following Kevin Phillips.
Democrats will probably like this book, but then again, look at their track record. Sen John Kerry says he has a plan to help social security but refuses to contribute to it himself. Instead he gets one of these super retirement plans that will pay him a million dollars even though he doesn't have to contribute a dime to it. No senators or congressman do. Meanwhile average people like you and I have to contribute to social security, will get a small smidget of a return (if it is still around) while these guys get a million dollar gift and pay nothing! Now there is an issue about inequality that Phillips should address.