Capitalism Makes The Poor Richer

From The Wall Street Journal, "The New Face of 'Poverty': How economic freedom spreads the wealth around" by James Taranto:

Among "the persons whom the Census Bureau identifies as 'poor,' " 38% were homeowners. Among "poor" households, 62% owned a car, 14% two or more cars, nearly half had air-conditioning, and 31% had microwave ovens. "Nationwide, some 22,000 'poor' households have heated swimming pools or Jacuzzis.

One thing only rich people had back in 1990, though, was portable telephones. That's changed, hasn't it? If you're reading this column, you very likely have a cellular phone. You may even be reading this column on your cellular phone."***Between the olden days of 1990 and today, we've heard endless complaints, including in the Times, about rising "income inequality." In a strange twist, we've even ended up with a president who has said he would like to "spread the wealth around" by heavily taxing the "rich" and increasing handouts to the "poor." The story of the cellphone shows how a free economy spreads wealth. In actual material terms, the "poor" get richer as the rich also get richer.

All without subsidies or czars for air conditioning, microwaves, swimming pools or cellphones. Capitalism is amazing! It is a process of a constant competitive battle to lower prices to reach more users. In doing so, people are better off.