The Elizabeth Warren Quote Every American Does Not Need To See

This poster quote was shared by a couple of friends who I like very much, but I sure don't like this quote.  Heck, I didn't even know who she was until I looked her up.  Then I got really cranky.

Who the heck does she think runs the factory?  It is someone paying taxes on the roads, education system, police and fire forces just like everyone else in that community does.  Each and everyone in that factory is probably paying some kind of tax. In addition the business is also paying taxes.  According to  A Comprehensive Evaluation of Massachusetts' Business Taxes    Business paid 51% of all local property taxes and 38% of all sales taxes collected in Massachusetts' fiscal year 2002.  Combines business related taxes accounted for 40% of Massachusetts's 25.3 billion state and local FY 2002 taxes.   I really doubt since 2002 Massachusetts has made owning a business a tax free affair.  On top of that the business provides jobs and money to employees that is spent in the community and has collateral benefits (money is spent at grocery stores, gas stations, etc).

And what is up with the implication that business don't give back to their communities.  This smacks a little of the question "So when did you stop beating your wife".  In my opinion any implied social contract exists in how they run their business, treat their employees, and their environmental footprint - not how they spend their disposable income.  And just who decides how it should be paid forward for the next kid that comes along?  I hope I'm wrong, but this kind of thing just smacks of arrogance and control issues over others. 

Some of the biggest business have foundations that provide money and give back to the community in truly amazing ways.  David and Lucile Packard* funded a huge part of the Monterey Bay Aquarium whose initial construction was 55 million dollars. Both daughters studied marine biology and they suggested to dad building an aquarium like no other.  Lucile Packard Children's Hospital was founded in 1991 after a $40 million donation in 1986 from David and Lucile Packard. I very much doubt this was the first or last donations this family has made to the community through their foundation.

Now you might not like fish or kids, but too bad.  Build a mega business and you can decide what you want to support within the community and you should not be sniped at by people on the sidelines who don't think you are giving enough or imply that you aren't giving at all.

I am really hoping that this quote is out of context of some larger more interesting discussion of business, taxes and social responsibility and not a cheap political sound bite to get elected.  Elizabeth Warren is an expert in bankruptcy - which might, if presented in a certain way, make her sound like someone that is helping people escape personal responsibility - but this woman has written over 100 scholarly articles and two books.  I'm guessing that she has a more knowledgeable, complex grasp of financial economics than most of us, things are always more complicated and entangled then they seem, but this quote smacks too much of demonizing business.  We need dialogue, not demonization. 

Just my opinion and now if you will excuse me I have a new knitting project to start.


* David and Lucile Packard  - Hewkett Packard company
Sources:  Wikipedia, AIM Foundation, and some website which interviewed David Packard and asked him why an Aquarium (totally didn't think of keeping it until after I decided to list sources).