Wealth

A new report from the U.S Census Bureau strengthens the argument for letting the Bush-era tax cuts expire at the end of 2010 for the wealthiest 2 percent of Americans. In 2009, according to census figures, the income gap between the nation’s richest and poorest citizens reached its widest margin ever. People making over $100,000 — the top 20 percent of Americans — pulled in 49.4 percent of all income earned in the nation. At the other end of the spectrum, folks below the federal poverty line earned just 3.4 percent of all income.

Labron James may be one of the top five basketball players in the world. Economists have released a study showing that he would have a $2.7 billion dollar impact on Chicago’s economy over a six-year period if he went there to play. Should he do so, he’d be paid handsomely for his efforts. Should he be forced to spread his new wealth? Liberals claim that the rich should be made to give up a larger percentage of their wealth to those who don’t have as much.

Investment guru Pete Mahurin of Bowling Green is often described as “the Warren Buffett of Kentucky.”    Tom Eblen and Al Smith compared Mahurin to Buffett in their newspaper columns.  Lexington Mayor Jim Gray, who serves with Pete on the board of Gray Construction, has also used that description. Mahurin was a high school physics teacher who got into the investment business and became one of Hilliard Lyons’ top producers. He owns banks. He sits on the boards of major industrial companies.

The Lincoln County Public Library would like to thank everyone who helped make National Library Week a success. Ashland, BC's Pizza, Coleman's Drug Store, Durham's Grocery, Food Lion, Hair Loft, Mane Attraction, and Sonic gave coupons and items for prizes which were given to adult patrons for playing our "Find the Book" game. We appreciate all of the support from our community. Watch for upcoming information on the Summer Reading Program. The program has been revamped to inspire children of all ages to use the library for the sheer joy of reading.

There are two types of poverty: Absolute and relative. Relative to Bill Gates, I am poor. I might envy Bill's wealth, but society should tell me to get over it and should lose no sleep over my envy. Absolute poverty is a real problem and people suffer from absolute poverty when they have insufficient resources to feed, clothe, shelter and educate themselves and their family. There is a lot of absolute poverty in the world, but there is proportionately less than there was 200 years ago, or even 50 years ago. What has changed even more substantially is the distribution of wealth and poverty.

Dear Editor, Mr. Brock wrote in his column that he would not vote for Bruce Lunsford because of his wealth and ability to use his own money to "buy the election. " Transferring this kind of attitude to past national arenas, neither John F. Kennedy nor Franklin D. Roosevelt would have won his vote. W.T. Young was Bruce's mentor and told him he could do many good things for Kentucky through public office - but to first make his own fortune so as not to be beholden to political special interests that have no real regard for the common good.

The statistics on rising economic inequality in the U.S. are well known, but they bear repeating. For instance, in 2005 the top 1 percent of households had 21.8 percent of personal income, up from 8.9 percent in 1976. According to the Economic Policy Institute, the richest 1 percent of U.S. households now owns 34.3 percent of the nation's private wealth, and the next 9 percent owns about 37 percent, leaving about 27 percent of the nation's wealth for the remaining 90 percent of households.

Dear Editor, According to his column on July 8, Professor Cooney thinks all the wealthy, filthy rich Americans should distribute all their wealth with all of us poor people. Let him set the example at Centre College by sharing his lucrative salary with the janitors and grounds keepers where he teaches. M. Wendell AndersonDanville

Dear Editor: In his reply to my letter of Oct. 27, Mr. Henson claims that ?wealth is created by the private sector not by the government. It is a privilege for government to use public money. It is not an entitlement.? That is simply false. Wealth is created by a combination of the private and public sectors. Try making money without the enormously expensive, publicly funded infrastructure of an advanced captialist state. The ?government? is you and I, Mr. Henson, paying our taxes for roads and police protection.

Since our endeavors and institutions are imperfect, it is no surprise democracy has at least one potentially fatal flaw. De Tocqueville called this flaw the “tyranny of the majority:” The prospect that the majority in a democracy would use its political power to oppress a minority. The Founding Fathers were well aware of this problem, and that is why we are a republic and not a democracy. The separation of powers, the Constitution and the principle of “unalienable rights” that do not come from government protects individual citizens from a potentially despotic majority.

Well, I went an entire week without an idea for a column, which is highly unusual for someone like me who never shuts her mouth. Now, I realize that extreme stress in one's personal life can wipe one's creative side of the brain clean as a whistle. Now that this past two weeks is behind us, I am about to bust with new insights, renewed life lessons and just plain ol' thankfulness that we survived it all. Suffice it to say that out of nine immediate family members over the past 10 days, we endured a broken shoulder, kidney surgery, potentially serious heart problems, three cases of stomach flu and an 87-year-old man who could not walk without holding on to walls.

“Fairness” apparently becomes hip only when it benefits the “Occupy Wall Street” crowd, which promotes a philosophy of wealth distribution while shunning gainful employment, respect for property and proper hygiene. What if the OWS (Offering Worthless Shenanigans) gang knew about the corporate scam run by teachers' unions in Kentucky? Included among the more than 1,700 organizations participating in the commonwealth's ailing public pension system are private - private - organizations, like the Kentucky Education Association, the state's teachers' union.

In response to Leland Conway's “Occupy Economic Ignorance,” this movement is not anti-capitalist. While it may not seem to be articulated well, due to the nature of the movement and, until recently the complete lack of media coverage, this does not mean it is without significant grievances and messages. The most profound of these is the issue of greed and corruption within our capitalist system. Conway indicates an acknowledgement of the corruption in his editorial, referencing bailout money to wasteful hands, such as Solyndra.

We are in Wales, and the news coming out of America about the Wall Street 99ers sounds wonderful. If you will remember, early Christians were accused of turning the world upside down - what an awesome crime to be accused of! When Jesus came, the unwelcomed were welcomed and the greatest became the least and the least became the greatest. No wonder the “religious-political” establishment killed him. We are all God's creation. Everyone should share in America's wealth.

I have a book coming out this fall entitled, “Wealth Without Wall Street: A Main Street Guide to Making Money.” It's one I felt compelled to write. We've had a number of government bailouts and “stimulus” programs in recent years. Trillions of dollars have gone down the drain. Like many, I am angry. Washington and Wall Street are tied at the hip and spend most of the time talking to each other. They have social and economic connections and media outlets devoted to promoting their philosophies.

Investment guru Pete Mahurin of Bowling Green is often described as “the Warren Buffett of Kentucky.”    Tom Eblen and Al Smith compared Mahurin to Buffett in their newspaper columns.  Lexington Mayor Jim Gray, who serves with Pete on the board of Gray Construction, has also used that description. Mahurin was a high school physics teacher who got into the investment business and became one of Hilliard Lyons’ top producers. He owns banks. He sits on the boards of major industrial companies.

Tim McDaniel, CFP, CPA, of McDaniel Wealth Management, PLLC, announces his team has expanded with the addition of Alex Wagner as an associate wealth advisor and Christy Wilson as accounting and operations manager. Wagner received his Bachelor of Science degree in financial planning from Western Kentucky University in May 2010. Prior to graduation, Wagner interned with McDaniel and acquired his Series 6 and Series 63 Investment Securities licenses. Wagner is continuing his progression of various insurance and securities licensing in preparation for obtaining the certified financial planner designation.

The popular image of the library is a place to check out classics under the critical glare of stern bun and bow-tied disciplinarians who, like snakes, say a single word, ssshhhhh! Nothing could be further from the truth. You can check out classics at the Clark County Public Library, or graphic novels, devotionals, biographies, cooking and craft and car repair books. We have books for every interest, and if not, we will gladly get them. In addition, we have one of the best reference/local history departments in the state; not only because of their resources, but because of librarians’ abilities and expertise.

Americans are living much longer and enjoying better health then their parents did. It is not unusual for people reaching retirement age to live out their lives in good health. You want your nest egg to last as long as you do and for your savings to have the purchasing power you will need for a longer life. An annuity can be an excellent choice to secure your savings while providing an income stream for life. Because your investment isn't in the market, it will also provide a peace of mind we like to call "Sleep Insurance".

A new report from the U.S Census Bureau strengthens the argument for letting the Bush-era tax cuts expire at the end of 2010 for the wealthiest 2 percent of Americans. In 2009, according to census figures, the income gap between the nation’s richest and poorest citizens reached its widest margin ever. People making over $100,000 — the top 20 percent of Americans — pulled in 49.4 percent of all income earned in the nation. At the other end of the spectrum, folks below the federal poverty line earned just 3.4 percent of all income.