Bring it on, rich people
Maybe it’s a flaw in my character, but it has never bothered me that some people become rich. Why should it? It’s not as if I’m poorer because somebody else is richer. If I wanted more money, I’d work harder.
Being angry at wealthy people is the beef du jour, however. Popular sentiment suggests they should be taxed more, at the very least, and maybe even flogged publicly for good measure. Ask any bar-stool economist about the circumstances that lead to our current economic woes, and whatever the details of his explanation the phrase “rich bastards” surely will be invoked eventually.
Here’s proof of the depths of my depravity in this regard: A month or so ago, while visiting South Florida, I spent two hours on the Fort Lauderdale water taxi, which exists primarily to shuttle drunken tourists between bars on the Intercoastal Waterway (but also makes for a bargain sightseeing trip). You may know that Lauderdale has put its spring-break days behind it, but not be aware that it instead has become a boater’s playground. The number of million-dollar yachts was literally uncountable as the taxi puttered up and down the waterway. Ditto for the million-dollar homes. I felt no loathing for the people who owned those boats and houses, however. Nor did I feel envy. My suspicion is that being fabulously wealthy isn’t as much fun as it looks.
Instead, I thought, “Boy, building those boats and houses sure kept a lot of people employed.”
That’s the thing about rich people we tend to forget: They spend their money. In fact, those who spend it most ostentatiously, and thus become the target of populist ire, are the ones doing the economy the most good. If you feel a need to hate rich bastards, it makes sense to focus your disgust on the guy who lives modestly, drives old cars, eats at Bojangles and hoards his money — because he’s not recirculating his wealth.
That fellow living large for everyone to see? Give him a thumbs-up. Or as New York mayor Michael Bloomberg, himself a rich bastard, recently put it:
They [the wealthy] are the ones that buy in the stores so that people that work in the stores have jobs in the stores, generate sales tax.
The rich are the ones that go to the expensive restaurants where, as a matter of fact, I looked at a list the other day of restaurants where the staff is unionized. They’re the expensive restaurants. They’re not the cheap restaurants.
You know, the yelling and screaming about the rich — we want rich from around this country to move here. We love the rich people.
I won’t say I love them. But I like the way rich people redistribute their wealth without the government as middle man.
March 9th, 2009 at 9:29 am
The flaw’s not in your character, but in your assumption that being angry at wealthy people is popular sentiment (even if it was the beef du jour where you ate yesterday). Popular sentiment suggests more anger is directed at the previous administration, congress and corporate financial malfeasance.
March 9th, 2009 at 9:39 am
Trickle down voodoo, Ronnie.
March 9th, 2009 at 10:44 am
Hey, big spender, … If we really want stimulus, send the checks directly to teenagers. It will hit the streets instantly.
March 9th, 2009 at 10:59 am
No…send those checks and money orders to me, I promise to spend it and invigorate the economy then I’ll send some positive karma back to you
March 9th, 2009 at 12:42 pm
Oh Don’t worry there’s plenty to go around. You just gotta make sure you are in the RIGHT line.
March 9th, 2009 at 2:48 pm
I don’t know that I have a strong opinion one way or the other. I’m certainly no rich bastard if measured by yachts or 7 figure cribs. However, I honestly don’t understand the small business position that more taxes need to be paid by the smaller guys (read low wage workers) who aren’t paying their fair share. Frankly, if workers have to pay more taxes, employers will have to pay them more so they can still eat after paying bigger tax bills. If you don’t think it’s important that low wage workers can feed their families, then I suggest you review some history on other societies that let their citizens starve.
Bottom line is the employer pays one way or another. However, increasing labor expenses before taxes makes the goods or services of that business more expensive and consequently lowers demand. This is especially true in service industries (a growing portion of our economy) where, once it get too expensive, consumers just do without.
As a small business owner, I would gladly pay more taxes on profits than have no profits on which to pay lower tax rates.
March 9th, 2009 at 5:35 pm
When times get rough, everybody looks for somebody against whom to vent their ire. I can’t see you as a working class stiff, Gearino, but then again, you don’t strike me as the country club type either. If you really were evesdropping on the common man, then, yeah, I expect he would blame our woes on the Palm Beach crowd.
But then again, who does the Palm Beach crowd rail against? Unions, laggards braying for a nanny state and the irresponsible imbeciles who can’t pay their time bomb of a mortgage. And Bernie Madoff maybe.
Hell Dan. I guess you’re really a small businessman yourself aren’t you? Not unlike NOT THAT IMPORTANT in some ways - vastly different in others. You gotta have the shittiest work ethic I’ve ever seen for an entrepenurial type. “Gone Fishin’” indeed.
It’s about time for another mentail health day, ain’t it, Dan?
It’s been almost a month.
Call it blog envy.
March 9th, 2009 at 6:16 pm
John: I would reply to your scurrilous suggestion that my work ethic is lacking, but I’ve already put in my 2.5 hours today. Maybe I’ll respond tomorrow, when I get back from my weekly massage.
March 9th, 2009 at 6:29 pm
It would be a far better stimulus if you had daily massages!
March 9th, 2009 at 8:44 pm
Remember the luxury tax on boats that was so trumpeted not so long ago? Put any number of boat builders on the skids (so to speak). There went those jobs.