Is every billionaire a policy failure?

Recently I was eating at an outside cafe when a man walked by me wearing a shirt that said, “Every billionaire is a policy failure.” But is that really true? 

Apparently, he is not the only one who feels this way. At about the same time I was eating my lunch, and more than 3,000 miles away, the California Democratic Party had endorsed a November ballot measure to reduce their billionaires’ wealth by potentially implementing a tax of up to 5 percent on their assets. 

All across the country — and across the world — there has been a growing backlash against billionaires, the wealthy and the uber-rich. New York City’s mayor wants them to pay more taxes. So do a growing number of people in Canada, the United Kingdom and Australia. Rich people aren’t popular.

Then again, when were they ever popular? 

All of my life I have been a staunch capitalist. I believe in free markets, supply and demand, less government. Yet the guy wearing that shirt stuck with me, even hours after I saw him. What if he is right? 

Throughout history, from the Gracchi brothers in the 2nd century B.C. to the overthrow of King Louis XVI in 1792 to the Arab Spring in 2011, there have been revolts, revolutions and wars, all related directly or indirectly to wealth inequality. Maybe letting someone accumulate a billion dollars is truly a failure of policy.

As an aside, the phrase is not new. It was allegedly coined back in 2019 by one of Rep. Alexandria Ocasio-Cortez’s (D-N.Y.) advisers — and maybe there should be a better way to distribute that wealth so that more people can benefit from it. 

As a business owner, I have always rejected the idea of punishing the wealthy, whether through higher taxes or other means. I am light years away from ever having........

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