President Obama's statement was absolutely true; confirmed by any economist, any government professor, any thinking person. There is no absolute private wealth. The general public plays some kind of role in how everything is structured no matter how much these TeaSquares deny it.
http://www.commondreams.org/archive/2007/11/07/5075
To see what's wrong with this idea, it's easiest to start with criteria that ought to disqualify a person from claiming to be "entirely self-made." After we've applied these criteria, we can see who's left in the pool. So, then, let us scratch from the list of the self-made anyone whose accumulation of wealth has been aided by any of the following:
* Laws concerning property or contracts, and the public agencies that enforce such laws
* Public schools or employees educated in public schools
* Employees or customers who rely on public transportation
* Roads, bridges, airports, sewers, water treatment plants, harbors, or other utilities built and maintained at public expense
* Mail systems built and operated at public expense
* Public hospitals and government-licensed physicians
* Health and safety regulations created and enforced at public expense
* Police and fire protection provided at public expense
* Public libraries and parks
* Any public amenities that add value to commercial or residential real estate
* Government contracts
* Government-provided business incentives
* Regulatory agencies, such as the Federal Trade Commission or the Securities and Exchange Commission, that sustain trust in the stock market
* A government-granted license permitting the exclusive use of a broadcast channel
* The Internet
* A form of currency legitimated and backed by a stable government
* Social welfare programs that keep the poor from rebelling
* The U.S. military
If we use these criteria to determine who can legitimately claim to be "entirely self-made," the Forbes number drops dramatically. It's not 270 out of 400. In fact, it's precisely zero.
If not for the legal and political arrangements that we create and maintain as a society -- with contributions from us all, costs to us all, and benefits to us all -- and if not for what we call "the public infrastructure," nobody could accumulate wealth. In short, there can be no private wealth without common wealth.
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