Buying American – Patriotic? Part 3
If we say that we should buy American solely because we are American and we feel it is immoral or unjust to buy goods made elsewhere, then we are ignoring free-market capitalism - what works. When people trade with each other, they are looking for the best deal, the right…
Buying American – Patriotic? Part 2
Free trade and free-market capitalism, which was embraced by the United States before it was most other places (some places still don't have it and they suffer), has caused the standard of living to skyrocket and lifted billions of people out of poverty. This works. It always works. It never…
Is "Buy American" Patriotic?
Ok, I try not to raise too many feathers on Think Daily, but once in a while I take a chance. I do not want anyone to unsubscribe. Last week I threw it out there with great success with the Income Inequality ideas. Here we go again. I am an…
Is working harder the secret?
If I labor all day shoveling dirt, burning thousands of calories and sweating, with my muscles aching, should I get paid more than others who don't work as hard? Comment with the orange button, and I will answer this tomorrow.
Atoms and Electrons
There are two worlds we live in - the physical world and the digital one. When we are in the digital world looking at a screen, it's a world of unlimited information and intrigue. But when we finally look away and stand up, we are reintroduced to the physical world,…
How to be average
If you accept average advice from average people living average lives, can you expect to be anything but average?
Character Counts – "From the Invisible…"
When I was a teen, there was a kid one year older than me and my best friend, who had a hot car and a hot girlfriend. We looked up to him. He seemed to have it all together. Today he lives in a shed. What happened? He is dishonest. …
Spending your way to BROKE
A sports star with an unprecedented 110 million dollar contract spent it all and had to declare bankruptcy. So did rapper 50 Cent. This shows that no matter how much you make, you must spend less. Work to become more valuable to others and make more, but no matter what…
Income inequality – Part 2
I want to live in a world with income inequality, and here's why. If I have no incentive to work harder, learn more, work longer, and deliver better value to others, then I won't. If others do not have that incentive, then they will not, and be unable to give…
Income inequality
We hear about income inequality as an injustice, and there may be valid examples, but we don't hear about production inequality. Some people create far more value for other people than others do. Until everyone is equal in that regard, there will be income inequality. Some people think far more…
Buying American – Patriotic? Part 3
If we say that we should buy American solely because we are American and we feel it is immoral or unjust to buy goods made elsewhere, then we are ignoring free-market capitalism – what works. When people trade with each other, they are looking for the best deal, the right product at the right price. As consumers, if we ignore these criteria, we will wind up with something that is either not as good or more expensive. Is that what we want? Of course not.
Now if you are the producer of said goods that are overpriced or not as good, you may come up with all sorts of justifications and cry “it’s unfair” and “can’t you see what they are doing to our company and our industry?” But in a free market, the consumer is king – they have to be for progress to be made. We can not limit their choices and drive up their cost with tariffs. (Tariffs on goods from a particular country are a TAX ON THE AMERICAN PEOPLE – because they are the ones who pay it.)
In a free market, we go shopping for what we want at the best price. Let’s say we wanted titanium. We can’t find any in the U.S., good thing Khazahstan has it, and we buy it from them because they have a resource we want.
Let’s say the resource we want is cheaper labor. Some countries have this. And make no mistake – they even have cheap skilled labor.
Let’s say we want (insert name of product or service here____) and it’s available at a better price from (insert name of country here_____). As a consumer, we have a choice. Buy it cheaper from a foreign supplier, or buy it from an American supplier at a higher price. It’s our choice. We can consider quality, availability, and many other factors, but it’s our choice. When we make that choice we are making it because we feel it is in our best interest. And that, ladies and gentlemen, is the key of the most powerful force in economics – free-market capitalism.
We need free competition, sound money to trade with (that is worth the same tomorrow as it is today), and yes – rule of law. We can’t have people ripping us off or cheating us and getting away with it. We can’t have the government saying we have to buy this or that, from here or there. It distorts the market by the limited choice and encourages suppliers who DO NOT offer the best thing to get lazy and not get better, more efficient, or innovating their way to the top again.
America has lots of resources. But there are some things it does not have. Other countries have resources, and they lack certain things they need. The solution? Trade with each other. Like people North Carolina and California trade furniture and wine and iPhones, because it is in their interest to do so, we can trade with Vietnam, China, and Pakistan for the same reason – it makes our lives better AND makes the lives of the people in those countries better too.
It would be crazy to give countries aid, while at the same time limiting trade with them by any means – right?
Free voluntary trade makes our lives better.
More tomorrow…
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Buying American – Patriotic? Part 2
Free trade and free-market capitalism, which was embraced by the United States before it was most other places (some places still don’t have it and they suffer), has caused the standard of living to skyrocket and lifted billions of people out of poverty. This works. It always works. It never not works. And places that have “controlled” or “closed” economies do not work, and the people have a far lower standard of living.
Remember our talk yesterday of observing “what works and what does not work” and holding it above our ill-conceived beliefs. As the United States grew and we made lots of stuff. We were first to make much of the stuff because we were the first to embrace capitalism.
Free market capitalism is where we all have the opportunity to serve others by making better mousetraps or giving better service. When we solve problems for other people, these customers are free to buy what we have, adding their money for it in a voluntary exchange, because they feel their life will be better. If they don’t like what we have or the price we ask, they won’t buy.
This forces the producers to get better to win more customers and beat our competition. If we don’t have competition and force others to buy our stuff through regulation, coercion, or by shutting down competition, then our consumers have poor choices in the marketplace.
Often, when people criticize capitalism, they are criticizing crony capitalism. That’s when the big established business or industries lobby the government for protection or favors or subsidies. If Detroit goes to Washington and says “slap tariffs on imports so we can charge higher prices” (instead of becoming better and more efficient), that is crony capitalism. If unions lobby and negotiate for higher wages and pensions, it ties the hands of the company or government, preventing them from firing poor performers, reducing incentives of workers to get better, and raises costs for the company or government. In this scenario, the parasite often kills the host – unless the parasite moves to a host that can just raise taxes, borrow huge sums, or print money – which may work for a while, but not forever. I digress.
When an industry lobbies for protection, such as requiring all participants to be licensed (i.e. hairdressers, nail salons, plumbers,) or requiring them to get permission from some board or commission or meet over stringent requirements, it’s often a blend of trying to make things better, with a healthy dose of protectionism – making it harder for new people or companies to come in and compete with them by creating a barrier to entry. It also creates the boards, inspectors, and agencies that exert power over the regulated, which is a recipe for favors and bad behavior and getting in the way of an entrepreneur that has a better idea.
Let’s be clear. Crony capitalism is not free-market capitalism. Instead, it’s the evil child.
More on the next post…
There is nothing wrong with digressing when it includes such important topics as the ongoing viability of our great nation. I know this isn’t the main point of your blog this morning, but the national debt, annual deficits and insatiable appetite for more free stuff is antithetical to capitalism. It is good to take care of others and help them, but to confiscate the wealth that is being created to such a degree as it is today is unsustainable – IMHO. I’d love to hear your thoughts on that.
“ Free market capitalism is where we all have the opportunity to serve others by making better mousetraps or giving better service.”
Should be replaced with:
“Free market capitalism is where we all have the opportunity to pursue our own values by creating values for others through free, voluntary exchange.”
Hi Larry! I am really loving this mini-series you are doing! Keep it up, I can’t wait to hear what’s next.
I don’t disagree. however lets give credit where credit is due. The Dutch invented Capitalism… we just took their ideas when they came here (Wall Street was originally a Dutch settlement) and made them better.
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Is "Buy American" Patriotic?
Ok, I try not to raise too many feathers on Think Daily, but once in a while I take a chance. I do not want anyone to unsubscribe. Last week I threw it out there with great success with the Income Inequality ideas. Here we go again.
I am an American. I was an Eagle Scout. I recited the Pledge of Allegiance growing up nearly every day. My parents were in fraternal organizations such as the Moose Club and the Elks Club, who revered America and the flag. I love my country (what the government has become – not so much). I love the land, the people, the diversity and the spirit. I mostly love freedom. It is my number one value.
When I was a young man, I knew nothing about economics, other countries, or the benefits of free trade. I only knew I was a GM guy; Chevy guy. It was easy for me to call out the “Buy American” rally cry. Wasn’t it supporting our own communities and saving American jobs? Seemed like it to me.
I was ignorant. We all say stupid things when we don’t know enough about a thing. I am sure I still do it, but I am far more careful now, and often reserve judgment, knowing I probably don’t know enough about a situation, and I don’t want to say something dumb that I will have to retract later. But, alas, we can never know everything about all we speak of, and we still say dumb things and support issues we are on the wrong side of.
We get conditioned. Our parents told us something, and talked about it in the house and at the dinner table. Our professors told us something too. These are older wiser people and they must be right? Aren’t they?
Our friends, especially if we hang out with people like ourselves, are ignorant too. And we pick up their positions and beliefs. This is how the human mind works.
Recall our earlier conversations. The brain is your hardware. It floats around in the darkness, waiting for input. The inputs, or software, come mostly from our cameras (eyes) and microphones (ears). The brain doesn’t care what comes in. It will process the conditioning of a low performing person or a high performing person with no preference. The information coming in becomes accepted and it cements into beliefs and expectations of how the world is based on repetition, and experiences real or imagined. Once a belief is set, the brain looks for validation in the world that it is right – and it always finds them because the ego does not want to be wrong.
The news is a place for validation and fear (their agenda, attempting to control us), which makes our positions even more rigid. This is how it works. This is how YOU work.
But if we are to progress and get smarter, we must stop seeking validation for positions our ignorant self established based on input from many others who are ignorant (ignorant means we don’t know something or don’t know much about it), and start looking for what works.
You can look for right or wrong based on your definition. But it’s far better to look for what works, and what doesn’t work.
So what does this have to do with the title of this post? More tomorrow…
Love these thoughts Larry. And agree, Tanner is great! Glad to be a strong neighbor business supporting this great country…God bless
Bravo and thanks for standing for American values!!!????
I too love Freedom. It seems to me that one’s thinking is largely influenced by what their “true north” is. I know what that is for me, and my thinking and conclusions are greatly influenced by how individual situations and circumstances are in relation to that frame of reference. That helps me chart the course on where I am heading to. I’m also a trained engineer and scientist and try to objectively look at the raw data. I prefer to draw my own conclusions from the data versus what someone else (likely with an agenda) would like me to infer from that same data – or partially a conveniently distilled subset of that data. Your comments on confirmation bias are also important to be aware of when thinking about issues and plans. Can’t wait to read your comments tomorrow!
Larry,
Well articulated. If only more people thought logically and didn’t jump emotionally, we might be able to have more discourse and solve more problems!!
Larry if not your Job to make people that follow you Think. Then who?
Since I was blessed to meet you in 2005 . You have never be soft. Your kind! But not soft. In high school did we learn anything from a easy teacher. Or was it the passionate teacher that wanted us to succeed. The one that held us to a different standard.
It’s easy for a 50 old to answer that. Might be tougher for a 20 something too. I believe being smart has little to do with being wise.
As you say it’s not a doing problem most people are afflicted with.
It’s a Thinking Problem. Thanks for making us think. I share many of your Think Dailey to my Entire Team.
Adam Smith… the Wealth of Nations….. do what you do best and trade for the rest.
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Is working harder the secret?
If I labor all day shoveling dirt, burning thousands of calories and sweating, with my muscles aching, should I get paid more than others who don’t work as hard?
Comment with the orange button, and I will answer this tomorrow.
I believe you should always do the task assigned, to the best of your capabilities, and look for ways to improve both efficiency and results.
I learned from you Larry…I was doing the “wrong work” and was working very hard spinning my wheels. Your “highest calling” book opened my eyes! I was once told “working your fingers to the bones will only get you boney fingers” it’s true. That was from a 87 yr old contractor friend of mine. Why did it take me so long to figure it out? Still working on that …hard to teach a old dog new tricks, but I’m conditioning myself 🙂
I used to believe that the harder I worked the better it made me. It really was not payed any more though. The older i get the more frustrated I become. At 41 I now believe the earlier, hard working years where the character building years.
I also belive that to make more money, I will need to take on more responsibilities.
I am still figuring out how exactly this is supposed to look for me personally.
That does not answer your question though.
Care to let me in on the secret?
I’m not sure about getting paid more. I think you you pay someone a good wage for an honest days work. As far as the person not working as hard I believe if a manager or foreman is doing their job well then this person not working as hard or diligently should have been coached and or trained more. I believe if you are doing the same jobs for the same pay then it’s an equal playing field. Everyone must carry their on weight. Sales is a different story when commissions are involved. Some people have more of a drive to push themselves more to make more money.
You answered this with your post on “Income inequality” the other day: If the others you referred to are assigned the same task as you and aren’t “busting it” as you are, then YES! You should be paid more as you are bringing more value. (But someone’s job being more physical than someone else’s is not a sole indicator of the value it brings to the company.)
Yes, if the value he provides to whomever he is shoveling the dirt for, justifies it.
The ability and willingness to work hard is a great attribute. However it is by no means the primary driver in determining what one is paid. The value of one’s skill set (impact of what they do on the enterprise) and how well they do that, how hard they work at that, and how many other people are capable of doing that job, influence the salary one earns.
Work smarter not harder. I think back to one of the things you said last year at the Think Daily Live session. If you want to earn $250,000 per year are you doing the $20 per hour work or the $100 per hour work….
Very interesting, in the context of physical labor and then mentioned your knee problem, along with the fact you recently talked of the value of income inequality
No
Unless you’re working next to people who are not working as hard as you then I would answer yes!
You should get paid as much as you agreed to get paid before you started digging. If someone is helping you dig and they are digging as much then “fairness” would say they shouldn’t be paid as much. However, both should get paid the agreed-upon price from the beginning. The reward for the hard worker comes later as someone notices the hard work and rewards with higher pay or a better position in the future. We work hard now in hopes of future gains.
Larry, the basis of your question lies in something management has been dealing with for a long time. Do I reward based on effort or do I reward an employee based on results and accomplishments. I have to see a sales compensation plan, for example, that reward a sales person for the number of calls made or the number of proposals delivered. As a responsible manager the focus needs to be on results.
(*corrected typo in previous comment)
You should get paid as much as you agreed to get paid before you started digging. If someone is helping you dig and they aren’t digging as much then “fairness” would say they shouldn’t be paid as much. However, both should get paid the agreed-upon price from the beginning. The reward for the hard worker comes later as someone notices the hard work and rewards with higher pay or a better position in the future. We work hard now in hopes of future gains.
Maybe, it’s not just hard work but the value that results from that work.
I’ve pondered this in a different context for many years and is extremely relevant today with the large number of unemployed thru no fault of their own. It’s this. If one is willing to work at any job for 40 plus hours, regardless of job, should they make enough money to support food shelter and basic medical care for themselves and their immediate family?
If the only benchmark is working hard then no. I could be in an air-conditioned rented excavator in total comfort and move a hundred thousand times the dirt. Considering the cost of the machine and my time relative to the amount of dirt moved I might earn thousand(s) time more and never break a sweat because I checked the situation did the math and realized renting the machine was the way to go. After all the value was in getting the dirt moved, not sweating right? (then you can take the earnings and go to the gym for exercise)
working hard physically rarely if ever has a higher value than working productively and creating the opportunity and setting the direction for those who work hard physically.
If the person who shovels dirt all day does a poor job what do they lose? If you do a job poorly what is your potential loss? Business owners are at risk of loss for factors beyond their control, like COVID-19.
I had to re-read it. Should a person be paid more for working harder? If that means being more productive, then perhaps yes. I won’t pay a kid more to cut my acre of grass with a push-mower than a kid that shows up with a riding mower! Payment represents VALUE (some blend of quantity and quality) received by the payer (employer, the customer of your labor). Effort is important, but not the determinant of compensation.
Not if you shovel dirt all day in the wrong spot. Not if you shovel dirt because you do not know how to operate the available track hoe. Etc… Pay for results.
Yes you should get paid more if you have a boss that recognizes that you are the hardest working person on the job, unless you are in a union, then it does not matter. Should my friends have gotten the same pay as me when they were home watching cartoons and I was out shinning shoes all day?
Are you digging dirt, or gold?
Hard is relative.
I suppose this type of thinking implies that you work harder than others, whether physically or mentally straining. This seems purely perceptual.
In our economic system (nor any economic system that I am aware of) a person does not get compensated for burning calories. We pay based on special skills (can you hit a 100 mph fastball), training (12 years to become a brain surgeon) or the percentage of the population willing to do a certain task (pulling hoses at Gates Rubber means you always have burns all over your arms).
Work “smarter” not “harder”.
No. The fact that you labor all day is totally up to you. You should always get what you bargained for.
That goes back to the productivity gap. I could shingle a house with a hammer and work my tail off, but if I knew how to use a nail gun…… You know the rest of the story
You should truly get paid for your knowledge. Different levels of knowledge equal different levels of pay.
I hear you on the knee dr keeping us going
You should if that is what was agreed upon. A persons pay for any assignment should be a private negotiation between the 2 parties involved: the payer and the worker. If you with your shovel had adequate negotiation skills, and placed yourself in a situation when shovelers are in high demand/short supply, you could get big $$. And vice-versa.
The parable of the workers-Mathew 20-
Firstly, I’m glad for you that your knee doctor is “working hard and sweating” for you.
Get paid for what you achieve for the Company.
Hello Larry, I enjoy the thought provoking and words of wisdom emails daily! After a recent event a friend sent this to me. In a similar vein as your question, and yes the repairman gets paid the least.
How many lawyers does it take to screw in a light bulb?
Six. One to review the contracts, one to review the insurance, one to get a
release from the power company, one to get a release from the ladder
manufacturer, one to get a release from the property owner and one to hire a
repair man.
Shovel dirt, shovel brain cells, shovel something. If you hurt yourself shoveling so that you’re unable to work the next day, that’s not good either. I’d rather have an employee that’s consistent than a flash in the pan all star one day and a no show the next. Life is a marathon, not a sprint. That doesn’t mean you don’t have to hustle though. But are you being effective? Are you getting things done? Perfect is the enemy of the good. If you’re always busy but not getting anything done, what good is that? I remember a boss who asked me how I was doing and I proceeded to tell him how busy I was. His reply? “Don’t confuse being busy with making money.”
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Atoms and Electrons
There are two worlds we live in – the physical world and the digital one.
When we are in the digital world looking at a screen, it’s a world of unlimited information and intrigue. But when we finally look away and stand up, we are reintroduced to the physical world, where the movements of our body can make a difference, and our senses of touch and smell are awakened.
The digital world complements the physical one and makes things more efficient. But to get lost in it for too long is to ignore the world we were made for, and to let our bodies wither.
To ignore the digital world is to be left behind from the tools others are using to get better.
Strike a healthy balance – and beware when it gets out of whack for your health and well being.
I enjoy your morning blogs. Thanks for starting my day with positive motivation.
Good morning Larry! I feel life must be a healthy balance of choices. If we indulge in too much of anything (even a good thing), it can overpower other aspects of our lives in a negative way. If we reflect on our daily routines, it will show us if changes need to be made. Have a great day everyone 🙂
I am thank for you too Larry, Yesterday I had the chance to visit the physical world on a job site with a piering team. It was good to see that they have learned and grown so much. It’s nice to get out and get some fresh air from time to time. A manager needs to see the growth of his team, it’s a stark reminder that what he or she is doing is working. We need to see it to self motivate.
Thanks for the shout out Larry!!!! It was a beautiful morning in East Tennessee and I got to go visit a few customers. Life is good and the best is yet to come.
Also thankful for Jeff Russell!
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How to be average
If you accept average advice from average people living average lives, can you expect to be anything but average?
I know I perform better when I’m with people I perceive as above average! I can feel myself being challenged and I step up my game, if you get what I mean. Thanks for this message.
Absolutely agree. The difference between ordinary and extraordinary is the little “extra”
Good morning, Larry!
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Character Counts – "From the Invisible…"
When I was a teen, there was a kid one year older than me and my best friend, who had a hot car and a hot girlfriend. We looked up to him. He seemed to have it all together. Today he lives in a shed.
What happened?
He is dishonest. I hired him once, then learned my lesson. But I like him, and years later I hired him again. I learned the lesson again. He is friendly and talented, but he is lazy. When you turn your back he slows down if he is working for you. And, things go missing. He tries to make up for it by doing you favors and being extra nice, but eventually you figure out that something is not right; not consistent.
He was one of us, and got left behind and struggles to be more successful because of bridges burned due to his character.
From the invisible, the visible.
From the inner, the outer.
I have a friend like this also..sad truth. I’ve known him since we were old enough to throw rocks at each other. (Our moms wouldn’t let us cross the street:) Worked for me too, hardly worked and wanted all the money. Every job he had, same thing. Now his kids are turning out like him. He “sued “ every company he worked for because he “hurt his back”. Never got any real money because by the time he gets it, he owed more than he got! Crazy…what makes the difference between them and us? I guess it’s above:)
I love this story. Such a great example of why we need to be the professional and the expert in business first and foremost!
I’ve known people similar to this example. It’s frustrating to see that potential squandered and the pain it causes to others. I try to my optimism about new team members in check and keep my eyes open. Character does count and it always reveals itself when responsibilities grow or times get tough.
Go to the ant thou sluggard; consider her ways and be wise: Which having no guide, overseer or ruler provides her food in the summer and gathers her food in the harvest.
King Solomen
True character shows when a person does the right thing even when no one is watching.
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Spending your way to BROKE
A sports star with an unprecedented 110 million dollar contract spent it all and had to declare bankruptcy. So did rapper 50 Cent. This shows that no matter how much you make, you must spend less.
Work to become more valuable to others and make more, but no matter what your income, spend less.
Isn’t that what Groucho Marx said: “I’ve managed to work myself up from nothing………. to a state of extreme poverty! “
Most Lottery winners file for Bankrupty as well ! Larry thanks for bringing so much value to peoples lives in so many ways! – Donnie
*Laughing* at quote from Groucho Marx. Have a great weekend, Larry!
Hi Larry! Keep going! Great business & life valuable tidbits!
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Income inequality – Part 2
I want to live in a world with income inequality, and here’s why.
If I have no incentive to work harder, learn more, work longer, and deliver better value to others, then I won’t. If others do not have that incentive, then they will not, and be unable to give me good products and services at low prices, and care little because they are being paid the same as everyone else.
A world with income equality is a world where nobody is trying to make anything better. The standard of living is low for all, and stagnant. There is a floor AND a ceiling on our income, and each day we go through the motions, and that’s about it. Nobody, from the least talented and ambitious to the most, has any incentive to produce.
Let me double down and tell you why I want to live in a world with INCREASING income inequality. When we say income inequality, we are comparing top income earners to the bottom. The bottom is zero, or close to it. The bottom doesn’t move. It will always be zero. Some people produce nothing for others, so they have no income, and this will always be true.
The way to make an income is to produce things others value. If the top is going up, that makes it easier for me. As I have said before, if I am to be a pauper, my chances are far better if my neighbors were all rich, than if they were all paupers too. Thankfully, there are people doing better than me!
What do you think? Should we have a world where everyone’s income is equal, or where it’s like it is now?
Tell me with the orange button!
Spot on! I have always pushed to do more and to do better than others, my reward is being compensated more!
I agree! This is an interesting way of looking at it.
Excellent analysis and so true for the enterprising minds of the world. You continue to inspire with your daily messaging.
Many Thanks, Dale
Never would one imagine how rapidly this nation is trending the opposite way. The 1776 Project gets it right for the birth of equal opportunity to reach for the sky!!!
We’ve got to wake up to what happening right NOW!!!
Larry, you have always showed a keen understanding of human psychology, especially motivation and performance.
You nailed it in your analysis! We need enough people in America to realize this, before it’s too late. If income inequality were truly unleashed in America, there is no telling how great it could become for vast majority of everyone. Even those that disagree with it. We had a nice taste of a strong financial surge, just before COVID. Lord willing, we’ll have more opportunity to crank up the American economy again, and keep it cranked up.
Thanks for all you do, Larry!
I absolutely agree with this post! I’ve often reminded myself, when I’m having a bad day that if I never have a bad day, I wouldn’t know what a good day looks like. Unless there is some sort of measurement in everything we do, there is no incentive to do better.
I love these daily posts. Thank you for your words of wisdom.
Amen Larry! Great way to look at it.
I agree and disagree. Most people who change the world or have a large impact on societal change are not doing it to be rewarded. Either they have been blessed with a special gift, have been nourished from a young age, or experienced something in their life that imbedded a desire to make change. This idea that we have convinced our children and ourselves that symbols of expensive things and fancy status should be the driving factor in how much work ethic one should present is absurd. However paying people fairly and rewarding those who go above and beyond makes perfect sense.
But lets be clear, the Lord does not care about the economy. He cares how we treat each other and how we take care of this beautiful earth he created for us. I love Think Daily and thank you for taking the time to share it with us.
I agree with your sentiments. If the results of income inequality is visible and obvious, everybody knows what they need to do to move their individual bar. Handout is not the answer. If we push ourselves from within and do our best, income will not be a problem. But if we wait for someone to do it for us, then we are doomed.
Venezuela, The paradise of income equality. Soon to be the USA if we let it.
Cory, well said! I am only speaking for me. I am in the category of having “experienced something in life that imbedded a desire to make a change.” I know a lot of people that own businesses and are using them for meaningful change in their communities and beyond. Very few of them have convinced themselves and/or their children that expensive things and fancy status should be a driving factor in how much work ethic one should present. Nearly all, use their businesses as tools to change the life trajectory of many, in a meaningful way. Paying people fairly and rewarding those that go above and beyond is an everyday thing for them, and for myself. Doing this in a thriving economy, where everyone is lifted up, and the givers give significantly, is a beautiful thing to see. I’ll continue to pray for a thriving economy, where the majority can be lifted up. If it’s a worthy prayer, it will be answered. If not, it will not. Regardless, we should be outstanding stewards of all we’re blessed with. That’s each other and this beautiful earth – which is very well stated by you.
Absolutely Income Inequality!!! We want true Innovation to inspire us to be our best and to make constant progress toward worthy objectives and goals. Let’s discover what is possible!
We should have income inequality.. Otherwise, why would anyone want to do any better, more importantly, why would anyone want to be any better? The lost art of working to become better or to get better needs to be brought back, I may be a little bias about this, but I still believe in earning what you get. Call it old fashioned or whatever you want to call it. The truth is, everyone should earn their “trophy”. If you are in an area where you don’t have the capacity to get that “trophy”. Either try a little harder or get in the area that better suits you. We all face inequality every single day. Some of us don’t complain about it, instead, we work harder to be better. To me, it’s a competition within myself that I intend to win…
spot on Larry!
I agree 100%. The problem in the USA today is Entitlement Programs. They only confirm that being lazy & NOT wanting to get better is much easier, then working 40+ hours a week to get ahead. It also confirms how bad this new idea that every child gets a participation award is, instead of 1st, 2nd, 3rd place. What message does that send to our youth, all I have to do is show up & I get a trophy. The American dream is all about being able to get ahead, not be content with the status quo, to just get by. Competition in life & business has ALWAYS been healthy & taken away would only be disastrous. Keep up the good work!
Just an observation on your if statement: “if I am to be a pauper, my chances are far better if my neighbors were all rich, than if they were all paupers too.”
Yes. I agree it may boost more chances for better living. But is it realistic for a pauper to afford to live with rich neighbors?
I have had a similar discussion a number of times through the years with folk, including some staff. I have ask “Would you rather make $10/hr working for an owner who works right beside you every day and makes the same s you or would you rather make $15/hr working for a rich man who never shows his face at the job and is golfing every day. I have been very disappointing that the majority of responses have been to work for the owner who is poor. I fear our educational system (and I would include parenting in this) have failed us.
Hey Boss I think you are exactly correct. I have been against the “union” mentality for years. It’s a great model for low productivity and bad attitudes but a great model for socialistic behavior.
I am for inequality in pay. But some people seem to think that money is like a pie. There are only so many pieces and if one person gets more it means that they get less. But that is not true. Most things increase when everyone is doing their part and adding value so everyone can earn more.
As our company has grown in revenue and profits we are able to pay our productive employees more and offer them more benefits. But those that don’t do their part and do no more than just show up, should not and do not enjoy those same increases. It would not be fair to those that are adding value and would decrease their moral. Our Company would die and we would all be without an income.
This is one of your best blogs.
I think that’s a great way to think about some of the current events I’m with you Larry
I absolutely agree. There should be equality of opportunity – but that in no way implies equality of results. This shouldn’t be viewed as a zero sum game, and you are clear about that in your article. A rising tide lifts all boats, and creates greater opportunity for all.
This is a great philosophy for a rich white man from Connecticut. As you say “ if I am to be a pauper, my chances are far better if my neighbors were all rich, than if they were all paupers too.“ How fortunate you were to grow up in an affluent neighborhood with access to good schools, but not everyone has the same advantage Larry. According to 2020 Pew research, white women make 83% as much as what men earned per hour in similar jobs, these statistics are even worse for minorities. Do you believe that women and minorities deserve to make less than white men because we don’t work as hard? Or are we less incentivized to work hard because when we look at the top income earners in the US we see a sea of old white men ?
I never comment, but this post and current state of affairs have moved me to do so as an exception because I know the consequences of so called income “equality”. By way of background, I spent my early years in a communist (they called themselves, democratic socialists, sounds familiar) country, of the Eastern Bloc, that(and the rest of the communist/socialist world) professed to have achieved income equality. The common refrain to that was that, “they pretend to pay us, and we pretend to work”. I was most fortunate to have parents that risked it all to escape from there (from “income equality”), along with their children, to a land of equal opportunity. God Bless America, I do love it so. (and for what it’s worth, we arrived here, legally having waited a year in limbo outside the US to do so, with 2 suitcases for 4 people, and less than $100 in my father’s pocket. All the rest is hard work, and no excuses.)
You nailed it. We all have the opportunity to increase our financial standing in this great country. Let us not forget what has made America great, its something called capitalism. If we loose that our envy in the world is over. Our desire to risk and fight each and every day is over. Give me income inequality, it’s my motivator!
I agree with Bill, Great post Larry!
I also just learned that Bridgeport apparently is a very affluent part of Connecticut. Who knew!
Growing up in an apartment on the north end of Bridgeport with five siblings and always wearing hand me down clothes I started shining shoes when I was ten years old on main street in 1968. I soon realized that the best place to shine shoes was in the biker bars, the bar tenders always tried to kick me out but the bikers always won and let me shine their boots, I made a lot of money! I have been improvising and learning all my life and I`m doing pretty good, always trying to lift people around me.
Very well said and I believe the majority of people will agree with you.
LARGE MAJORITY
Truer words have never been spoken. They are based on fact and are perfectly reflective of human nature. The social cry for income equality is a political dogma that is animated by strictly emotional reactions. We live in a strange world where immediate access to millions is achievable thru social media. A world where senseless and even destructive ideas are cast across the globe. You are doing your part to counter these counterproductive ideas. Keep it up!
Hey Cornelia! Thank you for being part of our community and voices. I just want to clarify, Bridgeport, where I grew up, is NOT an affluent community. The schools are not good at all. I did not go to college. I am doing what I can by writing Think Daily to share and educate others so they can be successful too. AND these days I pay for 6 black children from my hometown of Bridgeport to go to private schools (the same school I sent my kids to) including buying a van and hiring a driver to get them there, so that they will be more likely to succeed. (This is why school vouchers are important so low-income people can escape the failing public school system that they have no choice in attending.
I’m trying out here! Thank you.
I can agree in principle, but your argument is too simple. If people have integrity and compassion, this works. When they don’t, and employees can’t make a living wage, they can’t change jobs because they lose health insurance, they become like indentured servants. Yes, this also is an oversimplification, but that is the point. There can be middle ground where people are free to grow as much as they can, as long as they treat people with respect along the way. If you are going to own a business, I believe you should be obligated to take care of your employees. When they choose another path, what other option than for government to step in?
Amen!
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Income inequality
We hear about income inequality as an injustice, and there may be valid examples, but we don’t hear about production inequality.
Some people create far more value for other people than others do. Until everyone is equal in that regard, there will be income inequality.
Some people think far more of themselves, and have higher expectations than others do. Until that changes, there will be income inequality.
Tomorrow I will talk about why I want to live in a world with income inequality, and why you should too.
Excellent message Larry!
Amen
✅
Exactly
Spot on…………..
I was discussing this with my extended family just this weekend. Great subject.
TY for saying what other are afraid to say.
Larry, thank you very much for speaking about income inequality! You are right on target and I agree with you completely. I can’t wait to hear what you have to say tomorrow! If I had to guess you would say something to the effect that if there weren’t people out there making a lot more money than us then who would we be working for? How about if we want to boost income then we simply need to boost our self-worth?
Thanks again for your insightful “Think Daily” column!
Well said. Well taken!
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I agree with most of this. the area I have an issue with is when we tell our manufacturer that they have to meet certain EPA, OSHA or other standards and then allow another country to send in goods that were made cheaper due to them polluting our planet and abusing their workforce. I’ve said many times that the earth is a dirtier place when we incentivize manufacturers to take operations overseas by stacking on excessive regulations here.
Nice job! This is so hard for people to understand. I remember when I was a kid, my father saying we should spend our money in our little town rather than the slightly bigger town 25 miles ago. Basic principles of economics can be counterintuitive.
While I agree with much of what you said there are some problems with the trade agreements we have been enjoying with certain countries. Namely with countries that don’t promote or allow the same standard of living as America, who allow slave (or barely paid) labor, who allow dirty manufacturing processes that we know are harmful to our health and who use our money to pad the pockets of their ultra-wealthy while allowing the rest of the people to live in abject poverty. That’s not a level playing field upon which we could ever hope to compete. There are countless people in America currently on welfare because they aren’t qualified to perform the only jobs that are left in America. If they were allowed to produce some of these “cheap” products that require little skill then they could be earning a living for themselves instead of living off the government. As long as we have this imbalance we need the tariffs to pay for the welfare for the people who are put out of work due to the inequality of foreign labor. One way this could be “fixed” is by eliminating the minimum wage and overtime pay requirements in America. I doubt that will ever happen though.
You post makes perfect sense. Thank you for your daily posts!