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Wednesday, December 29, 2010

"Modest Wealth" is an oxymoron

I am still snickering at the Birmingham News characterization of Alabama's newly elected Congress Critters wealth as "comfortable but not extravagant".

WASHINGTON -- Alabama's three freshmen members of Congress, all trained as lawyers, are bringing to Washington comfortable but not extravagant personal investment portfolios, according to financial disclosure forms filed with Congress.


Gag me with a spoon! This is further evidence that the Lame Stream Media as Sarah Palin calls them, must think we the people are stoopid. They think they can just tell us anything and we'll believe them just because they said it.

We are supposed to be too stoopid to know you're either wealthy or you're not. You can either buy what ever you want without being concerned about the price or you can't. You can either afford to get sick or you can't. You can either afford to send your children to the best schools or you can't. You can afford to go on vaction and buy a vacations home or you can't. Get it?

Now I will agree there is a difference between being rich and being wealthy. Vagabond Scholar has an excellent explanation with links and video.
Here are three rather different approaches to explaining how the game just ain't the same for the rich and wealthy. First up, some animation (from October 2004) by Lee Arnold explaining "The Bush Tax Cuts." (Via Linda Beale of ataxingmatter and Angry Bear.)

Next up, via David Dayen, here's Al Franken's floor speech from last week on tax cuts, unemployment and wealth:

Finally, Chris Rock explains the difference between being "rich" and having "wealth" (NSFW):


What Paul Wartenberg said...
There's only one reason why a vast majority of Americans are not rioting in the streets about the income inequality.

We can't afford the lawyers or bail to keep us out of jail.

Sigh.

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