Robert B. Cherenson: ‘Wealth gap’ isn’t the fault of those who have more

Re “Wealth Gap is Widening; Haves, have-nots are farther apart than ever before” (Opinions, March 29): Lewis Diuguid’s commentary is another droning piece on how unfair it is that some people have great wealth and others don’t. He cites the median wealth of middle-income families is $96,500 and that of the median upper-income families is $639,400. Since when is a household income of $96,500 lousy?

Diuguid and others in their incessant whining suggest the wealthy (of which I am not) have something that belongs to the rest of us. I am not defending the rich, but if an actor is paid $20 million for a movie, is there a problem? Their income has absolutely nothing to do with my income. If society doesn’t like it, boycott the movies.

Additionally, salary and wealth may not be the same thing. Factors such as family size, where you live, tax rate and repeatability of salary impact asset accumulation. All of us are responsible for our own financial literacy; it should be taught in school to everyone.

There always has been, and always will be an income gap. It is our responsibility to stay in school, delay childbearing, gain valuable skills, sacrifice today for the future and develop sound financial awareness. Don’t worry about those above you!

This story was originally published March 30, 2015 at 12:42 PM with the headline "Robert B. Cherenson: ‘Wealth gap’ isn’t the fault of those who have more."