Save the Rich–For the Children

Continuing Kiersten’s Geoff’s thread about the gap between Wall Street and Main Street, an amazing article in the this week’s New York Times warns us that we’d better stop dwelling on the gross inequity in our economy. It’s bad for our health, and it frightens the children.

All This Anger Against the Rich May Be Unhealthy, By PAUL SULLIVAN

BEATING up on the wealthy seems to be the order of day. I suspected that. But a recent Wealth Matters column touched a particularly raw nerve. It looked at how even people with sizable fortunes were concerned about money in this recession and the impact that could have on the rest of us.

Readers rejected the attempt to understand the concerns of the rich.

On Main Street people are selfishly preoccupied with whether they will keep their jobs and health insurance, whether they can help their kids through college– boring stuff like that. But they fail to realize how hurtful and threatening this economy is to the rich…

A big concern among the wealthy right now, their advisers say, is not populist anger but how it might translate into tax-the-rich legislation on the federal and state levels. Their concern is twofold.

The first is that any tax increase has a direct impact on the income they withdraw from their portfolios. More money going to the government means less to live on. “They’re very concerned about taxes going up,” said William Woodson, managing director at the Family Wealth Management group at Credit Suisse.

After eight years of tax cuts for the wealthy this must come as a shock. And on top of the government taxing Swiss bank accounts. Will it never end? Is life as we know it changed forever?

[Financial adviser] Mr. Clarfeld said he had taken his own advice to heart. He bought his dream car, a Jaguar XKR, before the market crash but then felt uncomfortable about it. “I didn’t like the way it made me feel but not enough that I was going to get rid of the car,” he said. So he made light of it with a vanity plate to recall better times: “PRE LEHM.”

[Financial psychologist] Mr. Klontz is even more concerned that this obsession with money and blame will affect children. He said the risk is creating a generation that distrusts investing and associates wealth with greed.

Here on planet Earth parents are worried about keeping a roof over their children’s heads. Some of their classmates are homeless. Emergency rooms are slammed with people who’ve lost their insurance and have no where else to go. State workers are taking pay cuts.

But maybe I’m totally misreading this article. Maybe it’s satire, a very cool and dry parody that I have fallen for with my earnest literal-mindedness. It could work that way. But in the New York Times financial pages? I’d expect that in The Nation. Paul Sullivan, please tell us, are you serious? Are you a cynical, burnt lefty utterly disgusted with the increasing inequality in a society that gives lip service to a level playing field? Would you like to write for Kmareka? We’ll pay you when our portfolio matures.

One thought on “Save the Rich–For the Children

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