Cass Ballenger: “consider for a moment a rich person. A rich person has two basic choices as to what he can do with his money, he can…”

“consider for a moment a rich person. A rich person has two basic choices as to what he can do with his money, he can save it or he can spend it. Now suppose that he has $100,000 of income that he is completely free to dispose of as he wishes. If he spends that $100,000 on a luxury car or a new yacht, that is very good for the economy. In fact, it is very, very good for the economy to have as many rich people as possible. But while spending $100,000 is a good thing for the economy, if he saves the $100,000 instead by investing in stock, for example, that is even better for the economy. Why is that? Because businesses that wish to expand to modernize and to grow need that investment money. When a company expands or a new company is started, jobs are created. So I want to give rich people an incentive to save more of their money instead of spending it. That is why it is so important for the economy to cut the tax on savings and investment. It is all about jobs.”