It’s more good news for the U.S.
Published 12:00 am Friday, December 4, 1998
A recent Census Bureau report notes some additional good fiscal news for the nation, with some particular benefits for the South. Generally, the report notes that the median household income in the United States hit an all-time record last year and that more than 1 million Americans came out of poverty. More and more Americans are breaking into six-figure incomes, while middle-class families seem to be better off, too. The report also notes that the poor have been helped most in the South, where newly arriving companies have found a welcoming business environment.This is rather symbolic because it comes during the same week Bowling Green Area Chamber of Commerce named Fort James Corp. as the industry of the year. Fort James employs 175 people, has an annual payroll of $6.5 million and expanded in July. Certainly, the corporation is doing its part to ensure theres a good economy both locally and nationally. Ironically, instead of welcoming this report with glee, some people used it to moan and groan. But, then, some people complain about rain during a drought. Theres just no pleasing them.The reason some are upset with the report is they say that income disparities are not shrinking. No, not when Bill Gates has $85 billion. That is a huge income disparity with the average American, but its hardly cause for weeping and gnashing of teeth. In a time of economic transformation and this new Internet age is such a time there will always be a few people who seize the initiative, cash in and become incredibly wealthy. However, their ability to amass wealth doesnt stop anyone else from making a decent living. If Bill Gates made only, say, $50 billion, that wouldnt have a noticeable ripple in the economy. It would not affect the sales of Fort James Corp. or the salaries of its employees.The economy is not a zero sum game. Mr. Gates can prosper, Fort James Corp. can prosper and millions of Americans also can prosper.Its called the free enterprise system and, lo and behold, it works. A few basic things have aided this economic prosperity. The end of the expensive Cold War, free trade and the booming and tax free Internet. The task for government officials is not to interfere with this economy with new regulations and restrictions but to simply stand back and let the nation continue to boom.