Audio Clips

03 August 2011

Transfer of Wealth

I was reading an article in Business Week and they quoted T. Boone Pickens as saying "Go to the past 10 years, and look at our costs with OPEC - $1 trillion in 10 years. The largest transfer of wealth from one group to another." I'm going to leave side all the concerns I have with Mr. Pickens' desire to take money from taxpayers to line his pockets from his wind power schemes and just address his complete misunderstanding of economics. When I take my hard-earned money to the grocery store to buy some milk I don't call that a "transfer of wealth". I call it a trade. The store traded me some milk for some money. Why? Because they wanted the money more than they wanted the milk. I traded because I wanted the milk more than I wanted the money. We both won. We have been being oil from the Middle East for decades because we want the benefits that oil gives us and we value those benefits more than we value the cash. We both win. If Mr. Pickens is truly concerned about unfair "transfers of wealth" he should instead focus on the money that is being stolen from our kids and grandkids by running up a truly horrendous national debt that they will have to pay just so we can continue our entitlement culture. Now you're talking about theft.

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