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Richard Proud questioned, “Will you explain to me why any person needs to accumulate, let’s say, more than $1 million?”
The headline over Proud’s letter read “Greedy Americans,” indicating that greed is the answer to his question.
To answer this question, let’s slightly rephrase it to ask why any person needs to have the opportunity to accumulate wealth. Then the answer becomes clearer.
The reason is so we all can have higher standards of living. The opportunity for all of us to prosper from the application of our abilities, ingenuity and hard work has tremendous benefits for the rest of us.
