The rich are whiners, pass it on:

[Hannah Bell]

I had published a link and a long excerpt from Michael O'Hare's rant after reading University of Chicago Law Professor Todd Henderson. (See the exchanges here: http://truthonthemarket.com/2010/09/15/we-are-the-super-rich/#comment-17018
http://www.samefacts.com/2010/09/economics/the-whining-of-the-rich/ )

And now somebody purporting to be University of Chicago Professor Todd Henderson writes: "I'm shocked and saddened at the personal nature of these attacks. Wow." ...But Mr. Henderson's (or whoever's) comment and his post...were an argument that whatever taxes were paid, he should not have to pay more than he is currently paying because it is unfair: he is not "rich". As best as Michael O'Hare could determine (and Professor Henderson or whoever it is does not challenge him), the Henderson annual family budget is this: $455,000 a year of income, of which:

•$60,000 in student loan payments
•$40,000 is employer contributions to 401(k) and similar retirement savings vehicles
•$15,000 is employer contributions to health insurance
•$60,000 is untaxed employee contributions to tax-favored retirement savings vehicles
•$25,000 building equity in their house
•$80,000 in state and federal income taxes
•$15,000 in property taxes
•$10,000 for automobiles
•$55,000 in housing costs for a $1M house (three times the average price in the Hyde Park neighborhood
•$60,000 in private school costs for three children
•$35,000 in other living expenses


And of this budget, Professor Henderson (or whoever) writes:

Like most working Americans, insurance, doctors’ bills, utilities, two cars, daycare, groceries, gasoline, cell phones, and cable TV (no movie channels) round out our monthly expenses. We also have someone who cuts our grass, cleans our house, and watches our new baby.... e have less than a few hundred dollars per month of discretionary income. We occasionally eat out but with a baby sitter, these nights take a toll on our budget. Life in America is wonderful, but expensive. If our taxes rise significantly... the (legal) immigrant from Mexico who owns the lawn service we employ will suffer, as will the (legal) immigrant from Poland who cleans our house a few times a month. We can cancel our cell phones and some cable channels, as well as take our daughter from her art class at the community art center...

Now it is time for a reality check on this "most working Americans." THE MEDIAN HOUSEHOLD INCOME IN THE UNITED STATES TODAY IS $50,000...By any standard, they are really rich. But they don't feel rich.


http://delong.typepad.com/sdj/2010/09/in-which-mr-deling-responds-to-someone-who-might-be-professor-todd-henderson.html

[bbinacan]

1. All in this country

are whiners.

[blondeatlast]

2. My heart bleeds...

when I have to deny my son music lessons because I had to pay the copays on his critical asthma attack, which sent him to the ER, 2 months ago.

For poor Mr. Henderson, I have nothing but contempt.

[clarence swinney]

3. Tax

60% of Bush Tax Cuts went to bottom 15%
Top 2.7% got four times as much as bottom 80%

ctj.org study of 2008 returns
top 1% paid 30% of Total Income in Federal-State-Local Taxes.
Middle Class paid 28% almost same.

1980--1% owned 20% Total Financial Wealth
1989--36% an 80% gain
2009-43% (1,400,000 workers)
120,000,000 workers owned 7%

Rich own us.

Bush + Reagan borrowed 7700 Billion
10 Billionaires in 1980 and 403 in 2009
Rich should thank China for Loaning that to pay them.

Overwhelming Majority own 7% Total Finanial Wealth
is not a True Democracy.

Today, America has most unequal distribution of Income and Wealth of any industrialized nation.
BY far.


Les Miserables may revolt

[Hannah Bell]

5. ??? "60% of Bush Tax Cuts went to bottom 15%" = i believe you meant "top"

[Newest Reality]

4. Can we add whining to

deadbeat rich?

As in, "Those incessantly whiny, deadbeat rich!"

[Hannah Bell]

10. yes, let's. and let's add "entitled," also "lazy" as well.

[Ishoutandscream2]

6. His argument is so full of shit. Fail, fail, fail

Only in 'Murca!

[Ilsa]

7. They get to save $60,000 a year towards their retirement?

Holy shit! I can't feel sorry for them mwhen their savings are higher than the average gross income.

[koski]

12. $100k actually

$60k pretax from his money, $40k pretax from employer.

[Curmudgeoness]

8. The rich are winners, pass it on:

I played this game of "pass it on" as a child. I know how it works.

I also see how it has been working for the rich.

[Hannah Bell]

9. that's why they win; because people are brainwashed from birth into regarding them as "better"

& themselves as miserable sacks of shit unless they turn psycho too.

they're psychopaths.

[Curmudgeoness]

11. No, not better. And they don't win because we think they are

better. They win because they don't give a shit about the rules that the rest of us live by. We would not destroy someone else's life to better our own. We would not steal from the poorest in our world to build our own bank accounts. We would not kick another off the ladder by breaking their fingers just so we can get to the top.

Better, no way.

[Hannah Bell]

13. that too. but i think you're wrong that a lot of people don't consider them "better".

a lot of people consider those with money & the "confidence" & appearance (appearance = of good taste, skill, etc) that comes with it "better".

a lot of consumer behavior in the lower ranks is about trying to buy that "better" appearance.

[Curmudgeoness]

14. Why do I always forget that my brain doesn't work typically?

Unfortunately, you are probably right about this. I was using my opinions instead of trying to reflect what others think.

Isn't it sad that so many people look up to these assholes?

[Hannah Bell]

15. k