Monday, April 4, 2011

Why aren't the rich feeling the heat ?

I am having trouble understanding why here in the US there is not more pressure on the rich to share some of their wealth. Either though taxes or compensation limits. The top 1% of the countries wealth has grown by 30% over the past 30 years while the median income has barely moved.

My theory is that the large middle class majority is happy with the status quo because:

1) they personally have not felt the pinch. The great masses of people have not really felt the sting. Materialistically, they live a very good life compared to the rest of the world and they know it. They can see others on TV. They are not starving. They can buy any basic necessity they require. They still eat out on fridays and buy new pick-up trucks.

2) Materially, they have just about everything they need. In the US, even the poorest among us has some material luxuries. We all have cellphones, cable tv, and decent clothes. No one is starving. Many receive unemployment benefits.

3) Long-term problems like health-care, education, retirement and college tuition are far into the future.

4) They believe they are rich or might some day be rich.

5) They don't understand how much money the rich actually have and receive from the economy.

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