Putting Romney's wealth in context

[ProSense]

Putting Romney's wealth in context

By Steve Benen

The Associated Press had an interesting item the other day, noting just how wealthy Mitt Romney really is. Consider this tidbit: "Add up the wealth of the last eight presidents, from Richard Nixon to Barack Obama. Then double that number. Now you're in Romney territory."

For most working families, this is a level of wealth that's hard to relate to. Romney took in more wealth in a day in 2010 -- without actually having a job -- than most Americans earn in a year. Romney would be in the top 1% based solely on the income he receives in one week.

The next question, of course, is whether this realization has any electoral implications. Marc Fisher considered the question in a good piece today.

As Romney has discovered, some wealthy politicians win acceptance from people who are just scraping by, while others get tagged as hopelessly out of touch.

The most important tool wealthy politicians have relied on to win over the public is pure force of personality -- and that often includes a gift for self-deprecating humor.

Theodore and Franklin Roosevelt both came from big money, yet the presidents' larger-than-life affability and celebrity won them admiration across class lines. Kennedy came to elective politics with a dramatic backstory as a war hero that canceled out most suspicions that he might be a rich dandy.

Romney, however, despite several attempts to reshape his message, remains awkward in his discussions about money.

"Awkward" is an exceedingly polite way of putting it.

Romney recently said making over $374,000 in speaking fees is "not very much" money. It followed Romney suggesting elected office is only for the rich, clumsily talking about his fondness for being able to fire people, demanding that talk of economic justice be limited to "quiet rooms," accusing those who care about income inequality of "envy," daring Rick Perry to accept a $10,000 bet, joking about being "unemployed," arguing that those who slip into poverty are still middle class, and suggesting that Americans should somehow feel sorry for poor banks.

http://maddowblog.msnbc.msn.com/_news/2012/01/30/10272559-putting-romneys-wealth-in-context

Unlike Warren Buffet, Romney is rich and clueless.

[ProSense]

1. Kick! n/t

[Dreamer Tatum]

2. Man, good thing Kerry lost.

Far richer than Romney.

[morningfog]

3. Is he? I know his wife is very rich,

but is her wealth actually far more than Romney's?

[Dreamer Tatum]

5. I know he's worth at least $200MM...not sure if that's WAY more, however. nt

[morningfog]

6. It's about the same.

Romney is estimated to be up towards $250 million.

It is a good thing Kerry is not the nominee this year. It would make it harder to point to Romney's clear position as a representative of the 1%.

[Dreamer Tatum]

7. Since I like consistency

I will point out that NO ONE had a problem with Kerry's wealth. Nor his tax rate of 13.1% in 2004, which is lower still
than what Romney is being criticized for.

Oh well.

[ProSense]

8. You

Since I like consistency

I will point out that NO ONE had a problem with Kerry's wealth. Nor his tax rate of 13.1% in 2004, which is lower still
than what Romney is being criticized for.

Oh well.

...seem to be missing the point. Warren Buffett also paid a lower tax rate than most Americans, but he recognizes that it's wrong and needs to be changed. Romney disagrees and wants to make the tax laws work even more in his favor.

Kerry, on the other hand, voted against both Bush tax cuts for the rich.

[Dreamer Tatum]

9. Granted.

But the goalposts keep moving. Why EXACTLY is Romney's wealth a bad thing?
Is it merely because he's rich?

[ProSense]

10. What

But the goalposts keep moving. Why EXACTLY is Romney's wealth a bad thing?
Is it merely because he's rich?

... are you talking about? No one said wealth is a bad thing. All rich people do no make their money destroying jobs and hiding their money in the Cayman Islands.

All people who have wealth aren't looking to screw everyone else to benefit themselves.

[Dreamer Tatum]

11. How did Kerry make his money? nt

[ProSense]

12. Don't

"How did Kerry make his money?

...you know that it's his wife's wealth? Still, why are you so defensive about Romney?

[Dreamer Tatum]

14. I'm not defensive of Romney at all. I don't like how he made his dough.

I just think there are a lot of people who scheme like he does, but they seem to get away with it
by virtue of not running for POTUS.

[ProSense]

16. What?

I'm not defensive of Romney at all. I don't like how he made his dough. I just think there are a lot of people who scheme like he does, but they seem to get away with it
by virtue of not running for POTUS.

He is running for President. If he doesn't want the scrutiny, then he's free to drop out. Kerry and everyone who ran/runs for office is scrutinized. Also, if you claim not to "like how he made his dough," why on earth would you invoke the fact that other people are doing the same thing in his defense?

Changing the tax code isn't going to only impact Romney.

[karynnj]

15. Kerry inherited money from the Forbes and Wintrop trusts

He has spent nearly his entire adult life in public service making FAR LESS than he would have had he worked as a trial lawyer or if he used his family or Yale contacts to become a big time CEO.

[CreekDog]

27. You defend Romney on DU

in between attacking Democrats on DU.

sigh.

[karynnj]

17. Kerry actually paid 22.9% on his income

The 13.1% is with Teresa's added. Hers is unusually low because it is almost all investment and a large part of the investment assets were municipal bonds - where cities are allowed to raise money at lower costs because the bonds are taxfree. If they were not tax free, they would have to pay out higher rates of return to be competitive.

http://www.washingtonpost.com/blogs/ezra-klein/post/tax-rates-of-presidential-candidates-in-one-chart/2012/01/24/gIQAOEEeNQ_blog.html

[Dreamer Tatum]

19. touche nt

[morningfog]

21. I sure didn't care for Kerry's wealth through his wife. I preferred Dean in 2004.

But, comparing Kerry, regardless of his wife's worth, to Bush is not even in the same league as Obama to Romney.

Different elections, different times cause for different issues, both personal and political to be highlighted. At this point, in 2012, following the financial collapse of 2008, where someone stands on income inequity plays a huge role in deciding who should be president.

Edit to add: Romney believes vulture capitalism to be good. He believes that those who protest inequities are envious

[karynnj]

22. No one had a problem?

1) Kerry paid 22.9% on his income taxes.

2) I think a VERY big point was made by the right because Teresa was very rich. They called JK a "gigalo" and attacked Teresa viciously - and referred to her assets - as Republican money. In addition, the Democrats watched intently that none of Teresa's money - beyond a legal maximum contribution be used for his campaign.

3) As to not being an issue - watch this video and listen to the first question asked. http://www.cbsnews.com/video/watch/?id=628737n&tag=contentBody;storyMediaBox Both Teresa Heinz Kerry and Elizabeth Edwards had very good answers.

[karynnj]

13. John Kerry is NOT worth $200 million - not even close

though there are a number of rightwing sites currently saying so. They are conflating estimates of the combined John and Teresa Kerry assets that were taken from disclosures that gave minimums for various categories. That estimate was at least $200 million. They then say that her assets are probably $1 billion.

In 2004, Kerry mortgaged his half of the Boston home - the only home that he owns any part of, to loan money to his campaign. This was the bulk of his financial assets then. Since then, he has become wealthier as he and his siblings became heirs to his mother's share of the Forbes and Winthrop trust funds. I have seen estimates of his personal wealth that are closer to $10 million.

[ProSense]

4. Not

"Man, good thing Kerry lost. Far richer than Romney."

...only is that statement not factual, but the point isn't that Romney is rich. The point is that he's clueless, and his statements are fueling dislike for him. From the OP:

Theodore and Franklin Roosevelt both came from big money, yet the presidents' larger-than-life affability and celebrity won them admiration across class lines.

I mean, the only group Romney won in SC was the one percent.

[Quantess]

18. I guess we'd better throw George Soros into the discussion as well.

[ProSense]

20. Sure

"I guess we'd better throw George Soros into the discussion as well."

...when he runs for President. Man, I did not know Romney had so many defenders.

[Quantess]

23. Did Kerry and his wife Teresa have secret offshore accounts?

I don't recall hearing about that.

Plus at least Heinz ketchup is still a successful business, not like all those functioning businesses Bain ate up and spit out, draining the money and killing them in the process.

[ProSense]

24. Seems

Did Kerry and his wife Teresa have secret offshore accounts?
I don't recall hearing about that.

...your defense of Romney is based on your dislike for Kerry.

I mean, he was scrutinized as the Democratic candidate in 2004.

The OP isn't about Kerry, who isn't currently running for President.

[Quantess]

25. No, I know.

I don't think they had any offshore accounts. I was trying to sort through it, since that other DUer brought up the comparison.

I would never defend Romney.

[ProSense]

26. Ah

sorry, I misunderstood. Thanks for the clarification. I was beginning to wonder why Mitt's message was resonating here.