Elizabeth Warren - somebody else who doesn't understand how value can be added or lost out of the organisation of human beings for labour. She has a very out-dated pre-globalisation view of economics.
The reason people are able to make a living as educators is because there is somewhere for these educated people to go and be useful and get paid for their study. If there were no professional jobs (as in Egypt or China) then there would be no point to education, instead there would be a bunch of entitled, angry people who hold qualifications and want a safe job with somebody else taking all the risk for their productivity. Likewise there is only police and fire services because there is something to protect.
Jobs don't create themselves. They come off the back of the people who risk what they have to enable others to contribute at little personal risk.
Poor people (like Elizabeth Warren) read about rich people (like Gina Rinehart) being worth billions of dollars and it's like they think Gina spends it all. Rinehart will never see the vast majority of that money - instead she controls it, meaning it is tied up generating economic activity for the rest of us who don't have the knowledge or the discipline or the courage to take the same risks.
Anyone who thinks the rest of us would be better off with Rinehart paying 75% tax (or more) are kidding themselves. Every dollar she gives the government is mostly wasted in buying votes from useless merkins. Far more of it creates jobs for the rest of us in the hands of rich individuals than in the hands of any bloated bureaucracy. And on top of that, when the government is providing the jobs it has to find the money to pay for it all and so we get taxed more.
Money follows management, and that's why our best people are not in politics; they're in the private sector.
Thinking in terms of how much money other people have is missing the point. If you had that much money you would certainly waste it. Employment of people (inclusion in the economy) is the true currency of society. Not how much tax is handed over to a wasteful government bureaucracy every month.
Look at Europe at the moment. They have much bigger problems than how much tax national governments are able to gouge out of private businesses. They have too many people without jobs. They have almost an entire generation whose dreams have been shattered. Their high education levels are doing nothing to create employment opportunities for their young people, and that is because education doesn't create jobs; businesses do. And nobody dares risk what they have creating new jobs because they are terrified these wasteful European governments will just tax it all away. Why take the risk?
Believe me when I say I used to be a staunch socialist. But as I got older it just stopped making economic sense. Every dollar in the hands of a government creates far less economic activity (i.e. jobs) than in the hands of businesses.
