{"id":521,"date":"2017-02-16T11:31:31","date_gmt":"2017-02-16T19:31:31","guid":{"rendered":"http:\/\/kelsoinstitute.org\/louiskelso\/?page_id=521"},"modified":"2020-08-31T20:15:59","modified_gmt":"2020-09-01T03:15:59","slug":"many-americans-poor","status":"publish","type":"page","link":"https:\/\/kelsoinstitute.org\/louiskelso\/literary-legacy\/many-americans-poor\/","title":{"rendered":"Why are so Many Americans Poor?"},"content":{"rendered":"<ul class=\"Reset\" data-reactid=\".8.2.0.0.$959=14117647058823.0\">\n<li class=\"pageli\" data-reactid=\".8.2.0.0.$959=14117647058823.0.$row-0\">\n<div id=\"pf1\" class=\"page-outer-wrapper\" data-reactid=\".8.2.0.0.$959=14117647058823.0.$row-0.0\">\n<div class=\"page-inner-wrapper\" data-reactid=\".8.2.0.0.$959=14117647058823.0.$row-0.0.0\">\n<div id=\"pg-1pf1\" class=\"pf pg-1w0 pg-1h0\">\n<div class=\"pc pg-1pc1 pg-1w0 pg-1h0\">\n<h3 class=\"t pg-1m0 pg-1x2 pg-1h3 pg-1y2 pg-1ff1 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">by Louis O. Kelso and Patricia Hetter*<\/h3>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y3 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because they are unemployed?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y4 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are a significant number of people who are wealthy, though unemployed. Indeed,<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y5 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">there are people who are rich who have never been employed \u2014 even third and fourth<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y6 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">generation unemployed.<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y7 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because they are uneducated or undereducated?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y8 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are significant numbers of people who are successful and rich, though little<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y9 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">educated, miseducated, and even uneducated. Indeed, the relationship between liberal<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1ya pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">education and wealth is generally grossly misrepresented. Historically, and logically,<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1yb pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">education <span class=\"pg-1ff1\"><span class=\"pg-1fc1 pg-1sc0\">fol<\/span><span class=\"pg-1fc1 pg-1sc0\">l<\/span><span class=\"pg-1fc1 pg-1sc0\">o<\/span><span class=\"pg-1fc1 pg-1sc0\">w<\/span><span class=\"pg-1fc1 pg-1sc0\">s<\/span><\/span> the acquisition of wealth, rather than preceding it.<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1yc pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because they lack vocational training?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1yd pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are people with no vocational skills who are rich.<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1ye pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because they are lazy?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1yf pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are lazy people who are rich. And, of course, there are people who look lazy<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y10 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">because the viewer may have a narrow concept of creativeness, but who are nevertheless<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y11 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">rich.<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y12 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because they are unhealthy, undernourished?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y13 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are unhealthy people who are rich, and even people who by choice are<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y14 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">undernourished, but who nevertheless are rich.<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y15 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because of the color of their skin?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y16 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are rich people of every race and color.<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y17 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Because they live in a ghetto or slum area?<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y18 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">No. There are no wealth or income restrictions imposed on ghetto or slum areas. Generally,<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y19 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">rich people prefer affluent surroundings. But poor people would be no less poor if they lived<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y1a pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">elsewhere; they might in fact be poorer still, or at least feel so. The straightforward answer<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y1b pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">is that poor people are poor because they possess neither accumulated wealth nor the<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y1c pg-1ff1 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\"><span class=\"pg-1fc1 pg-1sc0\">e<\/span><span class=\"pg-1fc1 pg-1sc0\">c<\/span><span class=\"pg-1fc1 pg-1sc0\">on<\/span><span class=\"pg-1fc1 pg-1sc0\">o<\/span><span class=\"pg-1fc1 pg-1sc0\">m<\/span><span class=\"pg-1fc1 pg-1sc0\">i<\/span><span class=\"pg-1fc1 pg-1sc0\">c<\/span> <span class=\"pg-1fc1 pg-1sc0\">p<\/span><span class=\"pg-1fc1 pg-1sc0\">o<\/span><span class=\"pg-1fc1 pg-1sc0\">w<\/span><span class=\"pg-1fc1 pg-1sc0\">e<\/span><span class=\"pg-1fc1 pg-1sc0\">r<\/span><span class=\"pg-1ff2\"> to produce affluence. <\/span><\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y1d pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Why so many hard-working Americans stay poor:<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y1e pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">Economic productive power is of two sorts:<\/div>\n<div class=\"t pg-1m0 pg-1x3 pg-1h4 pg-1y1f pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">1. The labor power inherent in a reasonably sound mind and body. This is given each person<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y20 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">by nature. It is a power that can, within limits, be increased by training, discipline,<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y21 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">apprenticeship, education and experience, but except for a numerically small fraction of the<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y22 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">population \u2014 mostly professional people and highly creative artists \u2014 labor power<\/div>\n<div class=\"t pg-1m0 pg-1x0 pg-1h4 pg-1y23 pg-1ff2 pg-1fs1 pg-1fc0 pg-1sc0 pg-1ls0 pg-1ws0\">produces subsistence, not affluence production. Except for a few professionals and artists, and slave owners in slave societies, it<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"pf2\" class=\"page-outer-wrapper\" data-reactid=\".8.2.0.0.$959=14117647058823.0.$row-1.0\">\n<div class=\"page-inner-wrapper\" data-reactid=\".8.2.0.0.$959=14117647058823.0.$row-1.0.0\">\n<div id=\"pg-2pf2\" class=\"pf pg-2w0 pg-2h0\">\n<div class=\"pc pg-2pc2 pg-2w0 pg-2h0\">\n<div class=\"t pg-2m0 pg-2x2 pg-2h2 pg-2y3 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">is capital \u2014 the other factor \u2014 the world around that produces affluence.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y4 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">MOST AMERICANS ARE ECONOMICALLY HANDICAPPED BECAUSE THEY OWN NO<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y5 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">PRODUCTIVE CAPITAL \u2014 and capital produces most of the wealth.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y6 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">What is even more to the point: Our national economic policy is not aimed at enabling poor<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y7 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">people to become capital owners and thus to both enable the economy to produce a generally<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y8 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">affluent level of goods and services, and to enable individuals to produce their own affluent<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y9 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">incomes.<\/div>\n<div class=\"t pg-2m0 pg-2x3 pg-2h2 pg-2ya pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">\u2014 Our national policy is to fight poverty through full employment only. (See the<\/div>\n<div class=\"t pg-2m0 pg-2x4 pg-2h2 pg-2yb pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">Employment Act of 1946.)<\/div>\n<div class=\"t pg-2m0 pg-2x3 pg-2h2 pg-2yc pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">\u2014 Our banking and financing techniques are devoid of significant methods to enable those<\/div>\n<div class=\"t pg-2m0 pg-2x4 pg-2h2 pg-2yd pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">without capital to buy it and pay for it.<\/div>\n<div class=\"t pg-2m0 pg-2x3 pg-2h2 pg-2ye pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">\u2014 Each year in the U.S., business and financial management makes decisions which bring<\/div>\n<div class=\"t pg-2m0 pg-2x4 pg-2h2 pg-2yf pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">into existence about $100 billion in newly formed capital investments.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y10 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">Although this capital would not be brought into existence unless it will quickly (three to five<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y11 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">years, generally) pay for itself, it is financed so that it becomes owned by the top 5% of families<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y12 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">who already own (and have always owned) all existing capital.<\/div>\n<div class=\"t pg-2m0 pg-2x3 pg-2h2 pg-2y13 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">\u2014 Their consumer needs and wants are saturated. They will not consume more. In spite of<\/div>\n<div class=\"t pg-2m0 pg-2x4 pg-2h2 pg-2y14 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">this vast annual increment to their economic power to produce, their only choice in<\/div>\n<div class=\"t pg-2m0 pg-2x4 pg-2h2 pg-2y15 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">spending their increased incomes is to invest in still more productive capital.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y16 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">This new capital could be financed so that it could be bought by poor Americans, who could pay<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y17 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">for it out of the wealth it produces, for newly formed capital in well managed businesses is<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y18 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">inherently financeable. Thus, new productive power of the economy could be brought into<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y19 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">existence in a way that would raise the productive power of the poor by enabling them to<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y1a pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">produce income through capital ownership, and so raise their power to consume.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y1b pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">MOST AMERICANS ARE POOR BECAUSE THE U.S. SUBSCRIBES TO PRE-<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y1c pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">INDUSTRIAL ONE-FACTOR (LABOR) ECONOMIC CONCEPTS THAT CONDEMN US TO<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y1d pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">DISTRIBUTE THROUGH LABOR \u2014 OFTTEN MAKE-BELIEVE \u2014 THE WEALTH<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y1e pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">PRODUCED BY CAPITAL.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y1f pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">In other words, we use the wealth produced by capital to subsidize <span class=\"pg-2ff2\"><span class=\"pg-2fc1 pg-2sc0\">e<\/span><span class=\"pg-2fc1 pg-2sc0\">c<\/span><span class=\"pg-2fc1 pg-2sc0\">on<\/span><span class=\"pg-2fc1 pg-2sc0\">o<\/span><span class=\"pg-2fc1 pg-2sc0\">m<\/span><span class=\"pg-2fc1 pg-2sc0\">i<\/span><span class=\"pg-2fc1 pg-2sc0\">c<\/span><span class=\"pg-2fc1 pg-2sc0\">al<\/span><span class=\"pg-2fc1 pg-2sc0\">l<\/span><span class=\"pg-2fc1 pg-2sc0\">y<\/span><\/span> unnecessary<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y20 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">toil.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y21 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">AMERICA NEEDS TO UPDATE ITS THINKING ABOUT ECONOMICS NOW, BEGINNING<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y22 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">WITH ECONOMISTS.<\/div>\n<div class=\"t pg-2m0 pg-2x1 pg-2h2 pg-2y23 pg-2ff1 pg-2fs0 pg-2fc0 pg-2sc0 pg-2ls0 pg-2ws0\">* \u00a9 1976, Louis O. Kelso and Patricia Hetter<\/div>\n<p>2. Physical capital \u2014 the land structures and machines that make up the <span class=\"pg-2ff2\"><span class=\"pg-2fc1 pg-2sc0\">s<\/span><span class=\"pg-2fc1 pg-2sc0\">e<\/span><span class=\"pg-2fc1 pg-2sc0\">c<\/span><span class=\"pg-2fc1 pg-2sc0\">on<\/span><span class=\"pg-2fc1 pg-2sc0\">d<\/span><\/span> factor of<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>by Louis O. Kelso and Patricia Hetter* Because they are unemployed? No. There are a significant number of people who are wealthy, though unemployed. Indeed, there are people who are rich who have never been employed \u2014 even third and &hellip; <a href=\"https:\/\/kelsoinstitute.org\/louiskelso\/literary-legacy\/many-americans-poor\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":28,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"nf_dc_page":"","footnotes":""},"class_list":["post-521","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why are so Many Americans Poor? - The Kelso Institute<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kelsoinstitute.org\/louiskelso\/literary-legacy\/many-americans-poor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why are so Many Americans Poor? - The Kelso Institute\" \/>\n<meta property=\"og:description\" content=\"by Louis O. Kelso and Patricia Hetter* Because they are unemployed? No. There are a significant number of people who are wealthy, though unemployed. 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Kelso and Patricia Hetter* Because they are unemployed? No. There are a significant number of people who are wealthy, though unemployed. 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