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John Kenneth Galbraith

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Only in very recent times has the average man been a source of savings.
--
Chapter IV, Section 2, p. 37

 
John Kenneth Galbraith

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It cannot be too often repeated that in this country, in the long run, we all of us tend to go up or go down together. If the average of well-being is high, it means that the average wage-worker, the average farmer, and the average business man are all alike well-off. If the average shrinks, there is not one of these classes which will not feel the shrinkage. Of course, there are always some men who are not affected by good times, just as there are some men who are not affected by bad times. But speaking broadly, it is true that if prosperity comes, all of us tend to share more or less therein, and that if adversity comes each of us, to a greater or less extent, feels the tension.

 
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" capitalist savings 'lead' profits. This result may appear paradoxical. 'Common sense' would suggest the opposite sequence-namely, that savings are determined by profits. This, how ever is not the case."

 
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Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay – that ‘someone else’ is you. There is no such thing as public money; there is only taxpayers’ money.

 
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The concept that a person who has a lot holds his hand out to someone who has less, or someone who isn't hurting holds his hand out to someone who is, is simply a human trait that has nothing to do with celebrity. I am confounded at the stinginess of some institutions and some people. I'm bewildered by it. You can only put away so much stuff in your closet. In 1987, the average CEO against someone who was working in his factory was 70 times. It's now 410 times.

 
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