Fabulously Broke had a great post called “in defense of the rich,” in response to Madame X post called “Rich are still Rich.” Madame X’s post talks about few different articles which show that the wealthy have become less so in the US. That millionaires have lost around 30% of their wealth. She ended with a quote from a wealthy hedge fund analyst,
“I’m not giving to charity this year!” one hedge-fund analyst shouts into the phone, when I ask about Obama’s planned tax increases. “When people ask me for money, I tell them, ‘If you want me to give you money, send a letter to my senator asking for my taxes to be lowered.’ I feel so much less generous right now. If I have to adopt twenty poor families, I want a thank-you note and an update on their lives. At least Sally Struthers gives you an update.”
She called him a jerk. FB defends his position by saying that he’s not being a jerk per se, rather he’s just complaining like the rest of us. (Probably true) FB suggests we act this way because we’re jealous of the rich (Definitely true). FB also suggests that the rich aren’t obligated to give away their wealth (totally agree!). And it’s like the millionaire next doors who scrimped and saved their way to wealth don’t give as much as other; it was specifically in the book!
So is it wrong to envy the rich and tell them to shut up for bitching?
I’m sort of in the middle of FB and Madame X. I think geez, shut fuck up you damn rich people. Don’t you get it? That there are millions of people way worse than you and if you had an ounce of common sense you wouldn’t bitch. Part of the envy, hate, and dislike of the rich stems from the fact they go around whining about losing money and being “Poor” when they can’t even understand what it’s like to go to a food bank.
I think it’s like this…I want to bitch and moan about my DH and losing money and worrying about our jobs. BUT then I realize, I’m a real asshole if I do, because compared to some of my friends I at least have a job providing some kind of income! I’m “rich” compared to people on unemployment or looking for jobs! I should be damn grateful for what I have because I’m acting like an asshole when I don’t.
So to me it’s not so much that the rich can’t bemoan their losses, but they should do so VERY QUIETLY. It’s when they start to blog about it, complain out loud, that I think it ANGERS the masses. I mean if you hear someone whining about losing $30 million and still having $60 million, when you’ve lost your job, soon your house and car, and you made $50k/year? Can you honestly say you wouldn’t be bitter and mad? That you wouldn’t be hostile?
That the actually you probably are hostile to everyone who still has a job. But the rich are in a different category than just those average joes like me who have a job. Right now what I’ve noticed, that most of middle class people with jobs, are constantly saying “i’m so glad to have a job….” Sure we could bitch about losing money on our homes, investments, etc, but pretty much everyone I’ve meet or talked to has had a close friend or family or themselves lose a job.
And the reality is right now we’re worrying a lot more about if we’re next on the chopping block to really care if the rich lost 30% of their wealth.
13 responses so far ↓
1 Mrs. Micah // May 5, 2009 at 9:36 am
That sounds about right. I think that rick people are feeling a pinch, but it’s nothing like what they’d be feeling if they had to live like one of us.
I’ve been trying to keep down my complaining about job stresses or consulting stresses–because in the big picture having a job and side income streams makes me a pretty lucky person. In the same way, I don’t want to hear complaining from people who are far luckier than I am. (I’m going to use “luck” in this case, simply because I think luck has a lot to do right now with whether or not people are employed–in a good economy, it’s about skill, etc, but right now you never know who’s going to cut.)
2 FB @ FabulouslyBroke.com // May 5, 2009 at 10:09 am
It was actually Madame X not Miss M.
And I still think that $30 million or half of your many millions is a lot of money.
Just felt they were being unfairly picked on and excessively as well… and I just wanted to know “what if we were millionaires”, how it would feel to be in their shoes.
If we would act differently, and so on. Hard to say without actually having millions.
Ahh.. pipe dream.
Thanks for the link!
3 Meg from FruWiki // May 5, 2009 at 10:28 am
I have no problem with rich people in general, it’s just the type that whine about “tough” decisions like which private school to send their kids and go on and on about how much they earned it — as if single parents working three jobs just to feed their kids haven’t earned better. (To be fair, I didn’t feel very sympathetic to the middle-classers who complained about switching to generic lunch meat to cut costs, either.)
It’s the attitude that poor people are lazy because obviously anyone could get where they are if “they only tried” — ignoring that not everyone has had the same lucky, opportunities, and yes, talents even. I have friends who’ve kicked their butts trying to build a better life for themselves and, in one case, for her daughter. But still they can’t ever seem to get a head despite being smart and hardworking people who are willing to make tough sacrifices.
Are all rich people so out of touch? No, of course not! But I’ve met plenty who are, especially rich kids back in college like one who complained about their low grades saying how unfair it was when their family donated 6-figures to the university the previous semester.
I don’t get angry easily, but it’s attitudes like that that really piss me off.
4 LAL // May 5, 2009 at 11:41 am
Ooops about Madame X. Off to correct it.
But that being said, right now the rich should be watching what they say and do. Until you walk in the shoes of the poor you can’t really judge what it’s like.
Thus I am constantly watching my tongue. To complain too much while still employed would be a sin in this recession.
5 chris // May 5, 2009 at 2:16 pm
I see comments like what the hedge fund manager made as coming from a rich Eeyore.
‘Oh woe is me, my taxes went up, so I’ll be less generous. You know, the rich man never gets any breaks. They steal from me and give it to some guy or gal who never knew an honest days work. ‘
But isn’t it funny. Millions are trying to put themselves in the same position as he is in.
I’m never for unnecessary taxes. And I don’t believe in punitive taxes as such. As an example the old marginal income rate that was above 90% post WWII. If those folks think a few points now is horrible, harken back to those day. But a few points above the rest of the crowd certainly isn’t going to bring most of the people to their knees, despite their cries and pleas.
6 JoeP // May 5, 2009 at 2:21 pm
I think this whole thing about “rich” and “poor” is far overblown, at least in developed countries.
It used to be the term “poor” referred to people living in slums, eating out of garbage dumpsters, shunned by society, killed or disabled by illnesses easily preventable, uneducated, penniless. Today, poor means you have only 1 car and cell phone, have to work 2 or 3 part time jobs to make ends meet, use dial-up on one of your 2 computers, can only afford basic cable, have only 1 fridge, and rent a 2 bedroom house. But our poor have free education, opportunities for low cost medical care, resources for finding work, libraries, charitable organizations. Compared to developing countries, our “poor” have it made.
Regarding reallocation of money by taxes to take from the rich and give to the poor, I think we as a society have been indoctrinated to envy those with money, since money makes everything better. Does anyone actually believe that? Sad part is, I believe most people do, and will vote for politicians who will support like legislation on their behalf.
While this might sound blunt, some people simply don’t have the scholastic aptitude to land a high-paying job, and will be limited to menial jobs despite opportunities to improve their skills. I do not believe they should be living out of their car and eating out of dumpsters, but I don’t think handing them a couple thousand dollars a month is going to solve anything.
As long as taxes are being mandated as the replacement for unsolicited generosity, I don’t blame generous people for dialing back on their financial gifts. But do it quietly.
7 Vanessa // May 6, 2009 at 8:58 am
My first thought was: doesn’t this guy now the increase isn’t in effect and it’s just being discussed? Besides, what’s he really going to do with that 4% of his income – put it in an emergency fund?
I’ve also read a few articles recently saying that volunteerism is up, which in my opinion makes this guy look more and more like an ass who deigns to give a few tax deductible dollars to poor unfortunates.
8 LAL // May 6, 2009 at 9:57 am
Chris, I agree he’s an eeyore. Complaining about his life that is better than 99% of the rest of the US and 99.99% of the world.
JoeP has point about how our poor is very different from the rest of the world poor. Poor here is having cell phones, cars, etc. Not starving or working on a farm.
Vanessa, I think he’s whining about all the money he lost in the market. True, but so did everyone else. But he lost a bigger $$ amount compared to most. So he feels he can complain as well, but say he had $10 million and lost $3 million, most of us would be happy with the leftover $7 million instead of complaining.
9 JoeP // May 6, 2009 at 10:23 am
It is interesting how a lot of people are saying that it is wrong for this guy to complain, since he still has what many of us would consider more than enough to live comfortably. While the latter may be true from our perspective, we do not know this man’s situation. Maybe he is saving up to start a company that will produce jobs, or partner with a venture capital group, or invest in real estate. In any case, it is not any of our business how much money this (or any) person has or what they intend to do with it.
If any of us who are in the middle class lost 30% of *our* worth (and some of us have), the poor in our country would likely say the same things said toward this hedge fund analyst….and may covet our worth.
Unfortunately, when it becomes our business to have a say in what should be enough money for other people, it becomes easier to support and accept laws that are means to that end.
10 Meg // May 8, 2009 at 3:42 pm
The guy complaining wasn’t somebody who went from $60MM to $30MM – if you read the article and the context you might feel more sympathetic towards him.
It’s basic human nature to feel stressed, sad, and even desperate and angry when resources you are used to get taken from you. This is applicable whether you are talking about being able to afford private school, being able to afford your million dollar plane, or being able to afford to feed the cow that provides your family basic sustenance.
The way the middle class/poor look at rich people in America is the same way people in developing nations look at Americans. “Shut the F – up you entitled snobs.” If you can look at a rich person like that, think of the billions who can look at you the same way.
11 LAL // May 8, 2009 at 8:21 pm
JoeP, I’ve lost 30% probably more. And I don’t complain becaues I’ve been poor and I know how GOOD I’ve got it.
Thus Meg, I can’t feel sympathetic for the guy because he’s being a jerk. He should appreciate what he does have. Thus my response that the middle class still has a pretty good life. Life that we should stop complaining unless we’re in the food bank line, getting food stamps, assistance, etc.
And yes I’ve been to a very poor 3rd world country and seen how they live. Trust me my family’s lived there and like that. It’s not fun, thus why losing 30% of wealth is not a big deal.
It’s a bigger deal to appreciate what we have.
12 eemusings // May 14, 2009 at 5:58 am
I totally agree. It’s all about perspective. Sure he’s entitled to have his pity party, but then he’s got to get right back up and APPRECIATE that he still has it a helluva lot better than countless other people.
13 LAL // May 20, 2009 at 10:22 pm
Eemusings, maybe he should also keep his pity party quiet. Because the middle class or working poor in the US might wanna kick his butt if he whines, I can only eat out once a week when there are many people eating out ZERO. Or not paying anything but the 4 walls.
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