AJ Ericksen's Blog World

Saturday, January 24

F.D.R.

By the way, this is the passage that upset me on Thursday:

". . . The transmission from generation to generation of vast fortunes by will, inheritance, or gift is not consistent with the ideals and sentiments of the American people.

"The desire to provide security for one's self and one's family is natural and wholesome, but it is adequately served by a reasonable inheritance. Great accumulations of wealth cannot be justified on the basis of personal and family security. In the last analysis such accumulations amount to the perpetuation of great and undesirable concentration of control in a relatively few individuals over the employment and welfare of many, many others."

(Speech to Congress, Jun. 19, 1935 (reprinted in E. Clark, et al., Gratuitous Transfers 3 (4th ed. 1999)))

Although I agree that dynasties can be bad, e.g. the Kennedy family, the alternative (that the government gets your money) is far, far worse.

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