A new perspective on income inequality
No one is predestined for success, and no one is predestined for failure. There are individuals who begin life with all the perceived advantages yet fail, while others born with all the perceived disadvantages go on to achieve remarkable success. And there are individuals in between at all levels of advantage or disadvantage as well as success or failure.
All men are not created equal, and all men do not end up equal. And there is no such thing as a level playing field.
Not only is it impossible to create equal outcomes, it is impossible to create equal opportunity. Much to my chagrin, I was not born to become an NFL running back. I never had that opportunity because of physical limitations. I also wasn’t born with the potential to become a Noble Prize winner in Physics (which I barely passed in high school and still don’t understand). We simply cannot create the same opportunity, let alone outcome, for each individual.
However, there are many things we can teach and focus on individually and collectively, becoming mentors and role models by doing any number of the following, which will give each individual the best chance of pursuing and achieving his or her dreams.
First, we can be determined (or teach someone determination) to do the best we can to become the best we are capable of becoming. This is, in essence, a new definition of success (actually it isn’t new, it comes from John Wooden’s Pyramid of Success).
Second, we can learn to appreciate our effort more so than any particular outcome. Effort is what we control, outcomes we don’t always. This is really an attitude adjustment, and no matter who we are or what happens to us, we always control our attitude.
Third, we can learn to value different things like honesty, integrity, selflessness, humility, compassion, and teamwork. Replacing accumulation and consumerism as measuring sticks for success, and valuing these character traits instead, would redefine success in our communities and country.
Fourth, we can accept our limitations (like me being too small for the NFL and not smart enough to understand physics) and pursue other endeavors that we might be more apt to succeed.
Fifth, we can experience and acknowledge that team success, or helping another person succeed, can be more rewarding than succeeding ourselves. Failure can be an incredible path toward character development that can be shared with others to help them go a bit farther.
People living in the United States should be thankful that income inequality exists. It exists because there is more potential for every individual to advance farther given advantages or despite disadvantages. One result of this is that the poor in America are way ahead of the poor in any other country of the world. The same can not be said for the richest Americans. There are ultra-rich in almost every developed country, but the poor and middle class in America are much better off than the poor and middle class elsewhere.
There has never been any economic system that can eliminate income inequality while still creating anywhere close to the level of wealth that has been created for the bottom half of the economic stratus. The only system that lifts the poor is one that enables people to pursue and amass wealth, even extraordinary wealth, despite creating massive income inequality.
At the same time, we can also strive to be charitable and virtuous, hence the code – earn all you can, save all you can, and give all you can (John Wesley). In this regard we have a long way to go, but focusing on that will yield so much more than finding a way to hamstring the brilliant, talented, and industrious, from amassing significant wealth.
Some important questions to ponder…
Why do so many people in our country start from nothing, yet create incredible amounts of wealth over their career or lifespan? Do we know how they did it? Are we studying their experience so we can help others who face disadvantages, real or perceived, climb the ladder of success?
Why do so many people in our country start with all the advantages, real and perceived, yet end up as failures? Do we know what they did wrong? Can we help others avoid a similar fate?
Stay tuned to my next newsletter.
Michael Kayes
*These views are my personal opinions and are not the viewpoints of any company or organization.