Liberals Think We're All Rich
Tuesday, January 12, 2010 at 12:24AM (FLP Opinion By JAR) - Frequently when liberal politicians talk about legislation or tax revenues, they'll refer to an extra tax on the “rich” or to the “rich” paying their fair share. The only problem is they think people are rich based on one year of income.
Having an above average income doesn’t make a person rich; being rich makes a person rich. A more accurate definition of rich is having a large net worth. Income is not a very accurate predictor of being rich.
For instance, how many married couples with kids live in high cost of living cities such as New York, San Francisco and Boston? How many of them are professionals with student loans? How many of them have incomes of $150K per year or more yet have little or no net worth and live paycheck to paycheck?
Living in New York City on $150K a year is not rich. Ask Charlie Rangel, he can’t do it without cheating (that’s the nicest word applicable in his case). By the way, how did his net worth exceed $1 million? But I digress. Bottom line, a large percentage of people at these income levels are not rich.
On the other end of the spectrum, there are many people with substantial net worth who report little to no income. They may even qualify for public assistance. How many multi-millionaires are collecting Social Security checks while the system goes broke?
It’s easy to see why our politicians think this way. They don’t have to worry much about job security, healthcare or retirement. However, someone who makes $150K or more in the private sector likely has to fund their own retirement, pay for any new health care plan passed and deal with job security issues in a very weak economy.
In the end, what really matters to liberals is collecting and spending more. This little matter of “what is the definition of rich” is just semantics.
After all, the best money to spend in their eyes belongs to other people.
Reader Comments (4)
They will suck us dry. They'll eventually be no point in working.
The number of "rich" decrease on a daily basis.
It's the only move they have, but drain the rich and jigs up. That's why every socialist country goes broke. Unfortunately, we're probably next.
Sad, but so freaking true.