If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business — you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.

Obama is not the first to make this argument. In fact, some business founders themselves have argued that the wealthy owe a large part of their success to government. Jack Bogle, the founder of Vanguard Group, have said that when people tell him they built their wealth themselves he says: “I don’t know many people that have done that. But tell me, how did you arrange to be born in the United States of America?’

“Our birthright has created enormous wealth and stability of property," Bogle continued, "and for us to think that we don’t want to pay our fair share of the costs running this nation when our young citizens, let us not forget, are dying in wars out there trying to protect democracy and the nation we built up, it seems to be quite outrageous.”

Would You Take Financial Advice From an Algorithm?

Brokers-Dealers May See Fiduciary Standard Rules Soon

Financial Advisor Fees: Understand Services, Costs

Even Skilled Investors Can Use a Financial Advisor

Know the Ropes When Shopping for a Financial Pro

More Money Talks: Advice and the Adviser