“(AP) — The rich are sharing your financial pain — and contributing to it.
It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy.
They are investing more conservatively, spending less on luxury goods and are being more thrifty with their credit cards. Many are asking their personal shoppers and private-jet travel providers to seek the best deals rather than over-the-top extravagances.
That news may produce a shrug from many people who have lost their jobs or homes in this economy. The problem is that when the wealthy get stingy, it trickles down to the rest of us.”
Several things here that I don’t understand…. First, when the lower classes stop spending their money because of “the slump” it is all the government’s fault. Now, when the rich stop spending money they are actually part of the problem!
Even worse: I thought that it was a widely known fact that supply side economics (which says, among other things, that tax cuts for the rich help the whole economy in a “trickle down” effect) has been disproven. Now, how can the pain felt by the rich affect regular citizens?
Another thing that drives me nuts is the meaningless time reference these articles love to make. Like this one:
“On Friday, the Labor Department reported that the unemployment rate had jumped to the highest in four years.”
Oh yes, that is cause for huge concern! The big crisis of 2004 is really unforgettable!
What irritates me the most about this kind of bash the rich piece is the complete lack of context.
Why would I hate that someone owns a yacht? Did the guy steal it? Did he make money exploiting sick old ladies? Maybe he is a very talented engineer that invented software I use every day? Could he be a genius who invented a medicine that saves sick kids?
All of that doesn’t matter. All that matters is that he has what the reporter assumes to be too much.
I am far from perfect, but envy is one stupid flaw that I am proud of not having.