Monday, September 3, 2007

The Wealth of Carlos Slim and the Poverty of Mexico

The Wall Street Journal ran an Op-Ed piece, "Slim Pickings" by Burton W. Folsom, in the Wednesday August 29, 2007 issue. Mr. Folsom's point was that American billionaires offered products to Americans at good prices, while Carlos Slim ran monopolies that gouged his customers while providing poor service.

Carlos Slim recently became news by becoming richer than Bill Gates. Many people are amazed that such a poor country, Mexico, could make one of their citizens the richest man on earth while the rest of the country groans in abject poverty.

The article also said that government laws and regulations have a huge influence on the economy. The flawed regulations choke growth for the nation, although not for the wealthiest few.

Hispanic Americans should care more about flaws in Mexican politics and economic policy than in the false concern of promoting illegal immigration into America.

If Mexicans had good economic opportunities, they would not have to sneak across the border.

Note: Carlos Slim was mentioned here earlier.