February
2012
Monday, April 20, 2009
Original Source: Gary Fields, Wall Street Journal Online, 

Original A Symphony of Tiny Violins

Six-figure earners get a taste of reality that is nothing like middle-class reality.

Obama's proposed tax increases on people earning over $250k per year have elicited a chorus of whining among the most well-off among us.

There is nothing quite like listening to rich people bitch about how tough they have it. While 98% of the country lives on an average of $55,000 per year, the lucky few who have the luxury of living on incomes more than four times the national average still find the time to let everyone beneath them know they don't necessarily "feel rich" any longer.

Excuse me while I wipe away a tear.

"I'm not complaining, but the reality is Obama may call me wealthy, but I thought we were just good old middle class," Ellen Parnel, the useless wife of a Sevierville, Tennessee surgeon complains, "Our needs are being met, but we don't have a load of cash to cover wants."

Poor girl.

For the Parnells, their perception of themselves is based on the math. The value of their house is down $60,000 Ms. Parnell says the couple's gross income last year was about $260,000. Taxes, premiums for medical care and deductions for Social Security and their 401(k) contributions cut the gross to about $12,000 per month. The family tithes $1,300 a month at their church. Their mortgage, second mortgage and payment on land they bought is nearly $4,000 a month. Other expenses, including their family car payment, insurance and college funds, as well as basics like food, utilities and donations to charities, leave them with about $1,200 left over each month.

"I'm not after sympathy. We are blessed. What I want is a reality check on what rich means," Ms. Parnell says. "I can pay my mortgage and I can buy some clothes. I'm not going without, but I'm not living a life of luxury."

It is true the decline in home values is only relevant to rich people. And, there is no doubt that after their accountant does his magic that Mr. Parnell, a surgeon, is able to claim that he only earns $260k per year. We all know that only rich people are subject to taxes, premiums for medical care, deductions for Social Security, 401(k) contributions, car payments, insurance and college funds, as well as basics like food and utilities. Because poor people can't afford good medical care, don't have 401k's, drive piece of shit cars, can't afford to send their kids to college, and don't eat.

Never mind that these pathetically out-of-touch buffoons own two homes, land, and believe that a $1,300 donation to their church is an "expense". Here is a thought Mrs. Parnell ... sell the land, stop giving an obscene amount of money to your church, and get it through your oblivious head that those two "expenses" amount to a sum equal to what the average middle class American earns each month.

If you can't survive on $12k per month, you don't deserve the gourmet bread you eat.

Wealth and comfort "depends on where you're coming from," said Lois Avitt, a sociologist and founding director of the Institute for Socio-Financial Studies in Charlottesville, Va. to a family earning $50,000, $250,000 is well off, but for the family earning $250,000, rising college and medical costs and dropping home values make the perception debatable.

This has to be one of the dumbest comments ever uttered by an educated individual. Ms. Avitt seems to be arguing that wealthy individuals believe their children should be eligible for tuition loans (just like poor people) and that they require better medical coverage simply because their gene pool is more worthy of protection. Families, not just rich families, but all families, are seeing a greater percentage of their income going toward medical coverage and education - both of which are far outstripping wages and income.

Mr. James Duran owns a human-resources company in Silicon Valley and earns $400k annually. He is "just getting by".

Mr. Duran, how big is your home? He complains that high property and state taxes, as well as college tuition and savings have bled him dry.  Why don't you move?

"I'm not after sympathy. We are blessed. What I want is a reality check on what rich means," Ms. Parnell says. "I can pay my mortgage and I can buy some clothes. I'm not going without, but I'm not living a life of luxury."

Comparatively speaking, Mrs. Parnell, yes you are ... On both counts.

Posted by Editor on 04/20/09 at 12:04 PM •  (0) Comments

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