Interesting headlines today:
“[From NPR] U.S. income inequality at its highest level since the Census Bureau began tracking household income in 1967. The U.S. also has the greatest disparity among Western industrialized nations.
At the top, the wealthiest 5 percent of Americans, who earn more than $180,000, added slightly to their annual incomes last year, government data show. Families at the $50,000 median level slipped lower.”
“[From Forbes] Duarte, Calif., home to the 91008 ZIP code, is a small suburb northeast of downtown LA, near the Los Angeles national forest. The median cost of a house in this tony town is a whopping $4,276,462, making it the most expensive housing market in the country.”
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For perspectives, here is what 91008 looks like from above:
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Perspectives are important.
Case in point: The U of Chicago Law Professor who wrote a blog post complaining about being poor on an income of $250K and ignited a firestorm. What made me laugh out loud and cry inside at the same time was the fact that he was genuinely surprised that people were outraged. Much criticisms and analyses have been published over Professor Henderson and his irk vs. the “electronic lynch mob”. My favorite quote by a pundit came from Paul Krugman (incidentally the 2008 Economics Nobel Prize winner) who penned in his blog post titled “Have you left no sense of decency?” (It’s a very short post. You should consider hopping over and read it in its brilliant entirety…)
“But 30 years ago people with high but not super-high incomes generally felt ashamed of themselves for griping — or at least, felt that they would be ridiculed if they gave voice to their gripes. Today, all restraints are off. The fuss over Messrs. Henderson and Stein is the exception that proves the rule: they wouldn’t be providing this spectacle if they didn’t normally swim in social circles where complaining that you only have 9 or 10 times median family income is considered totally acceptable.
Pretty soon, we’ll be having serious, completely un-self-conscious discussions in major magazines about the servant problem.”
What struck me about the research on how the richest 20% own more than 85% of the nation’s wealth is that most people assumed it was less. And that they assumed the rest of the country controlled more than it does. In short, that they have a shot. So they vote Republican hoping their piece of the pie awaits. Alas, it’s already been eaten, shat, and flushed by people who earn more in one minute (literally) than most of us earn in a year.
Naptimewriting recently posted…Turn your head and laugh
Well said!
I did not realize in my childhood that we weren’t rich; we had a house and a car and everyone I knew was living about the same way we were. The period between 2002 and 2007 is a shameful spot in our history, to my mind; in those years, we made no longer made even a pretense of character in this country. The income gap grew and our consciences shriveled. I had some faint hope that the present hardships would allow us to recover our characters, but we may be past all recovery. In my childhood, I was so proud to be living in America.
I saw your latest post about Vonnegut. I sometimes wish that he’s still alive so he could write something scathing about this, and yet sometimes I am kind of glad that he did not have to live to see this. You know, the Tea Party, etc.
A gift for you… paying forward on a blog award. I love reading your blog!
Andrea @ Shameless Agitator recently posted…Trains
Thank you for the turn on to Professor Krugman’s blog! I recently saw an ad in the Boston Globe that advertised for a “housekeeper, nanny and LAUNDRESS”. The emphasis of the job was on keeping this person’s designer clothes in tip top shape, and it was important that the applicant had hands on knowledge of designer clothing. Isn’t a Laundress like a 19th century kind of job? It did make me think the rich are different!
Meg at the Members Lounge recently posted…More Postcards from the Wine Country
Wow. I wish you’d saved that advertisement. Would be a great piece of blogging fodder!
Ironically, with children at home and student loans, home mortage, car loan and more student loans on the horizon, I would not dare to complain about my dual income of far less than $250K. I feel fortunate in the fact that both the husband and I have stable careers and a nice roof over our heads. How dare asshats like these command public attention to their so-called financial woes. The idea that there are still lower income Americans against the taxes on the high income individuals, which I believe is due to a blurring of the issue from the right wing, sickens me to my core. I wish everyone could read the rantings of the likes of Pof. Henderson.
Wicked Shawn recently posted…Your Presence May Be Required
I feel blessed too. When I complain about my job, in the back of my head I feel guilty because at least I still have a job to complain about. I have been enjoying reading Professor Krugman’s blog, Waaaaah Street , Rat Race America, and this NYT Op-Ed piece The Angry Rich. Apparently Henderson’s wife is (or was) furious at him. I can just imagine.
“servant problem”[snort]…Anyone with a “servant problem” is welcome to send them to me! I’ve got a $hitload of laundry to do…
Wendy
Same here! You know what I hate? People that say they do the laundry when in effect they do NOT fold the laundry. In that case, I can do the laundry in 10 seconds. Ugh.
I have servant problem in the fact that I don’t have one.
linlah recently posted…fossil fuels and a job
LOL. So true.
It’s an all about “Me” world. When we were booming economically the rich kept getting richer, and the poor continued to hold steady. Now, the economy sucks, the rich are still getting richer and the poor are continuing to get poorer. The middle class just holds on for dear life. The only folks that seem to benefit in either direction is the wealthy. And yes, you are wealthy when you earn $250,000+ a year.
Velva recently posted…Prosciutto- Fresh Fig- and Manchego Sandwiches
No hardworking person should feel ashamed of their financial advantage/stability. It is whiners like Prof. Henderson that makes “Wealthy” a dirty word.
Krugman is my favorite economist. He constantly reminds that in economics, people can matter. It’s shameful that most economics stuff I find (and work with as an economics teacher) has very little humanity in it.
I just recently started reading his blog. I’m developing a crush…
It’s a disgrace, it really is. I have always felt that no one becomes wealthy except on the backs of others.
secret agent woman recently posted…A little amphibious visitor
That is the fundamental of capitalism. I have no problem with capitalism as long as there is always a reasonable opportunity for those who on the bottom to move on up.
But there has to be some constraints built into the system so that those on “top” don’t take advantage of those below them.
secret agent woman recently posted…Wheres the goddamn noodles- YART- Part 1
Never have I had the misgiving that being rich means you’re automatically happy, but working with people just like this has made me not ever want to have as much money as they do! They do things like freeze raises for everyone but themselves and then have the nerve to throw a tantrum when first class is sold out on the flight they wanted. What do they do? Have me rearrange every other reservation so they can sit in first class on the next flight out, complaining at the inconvenience the whole time.
And that’s why I don’t play the lottery.
SisterMerryHellish recently posted…Soundtrack to MadamBob – Carpoolin’ Music
I used to have a boss who commented how his wife did not like the Peninsula as much as the Four Seasons. I was like, HUH? What killed me was he really expected us to understand the difference.
I had to run all the way to the south wing to find my gilded map to confirm your findings. You’re cutting into my coupon cutting time. If I don’t stand over them, my help just aren’t as productive. So now you’ve gone and cost me money.
Elly Lou recently posted…My Happy Place
Is that why it always takes so long for you to answer my phone call? Because you have to walk through the long hallway? You should have listened to Ashley when she suggested the superduper WiFi intercom system, apparently it can work for your tennis court and pool area too! 😉
Very striking. It would be interesting to see the contrast– the 26 poorest counties in the USA. The strange (as in gawd help ’em, they are so mixed up) thing is that they’re in red states.
Go figure.
Mary Lee recently posted…Bought A Banned Book Lately
The book “Nickel and Dimed” by Barbara Ehrenreich you mentioned in your latest post should be a required reading for all high school kids in this country!
Pool, tennis court, tennis court, pool . . .
Mama Zen recently posted…The Force Is Strong With This One
No shit! LOL.
Yeah – that’s what I noticed too.
magpie recently posted…I would not eat them anywhere
corporate executives have become all about protecting their inflated compensation packages: fat paychecks, 25%+ bonuses, company-paid cars, parking, country club dues, financial advisors, supplemental medical, etc. meanwhile they’re cutting employee jobs, benefits and resources and blaming it on the economy. what about focusing on innovation and better (safer, more eco-friendly, sustainable) products and services? what about cutting their bonuses to save jobs? their compensation is the first thing that needs to be fixed in this busted economy. i hope obama hits them hard.
Tru dat! Unfortunately they are all in bed with the lobbyists. Ugh. Your comment reminds me of the Seth and Amy “Really?!” segments on SNL!