Why the U.S. Will Always Be Rich

The New York Times Magazine ^ | 06/09/2002 | David Brooks

[2sheep]

How can a nation as much in debt as America be considered rich?

"...Of the week’s events, the dollar and gold were the most important. The number one issue for the recovery and the U.S. financial markets is the condition of the dollar. The growing consensus on Wall Street is that the dollar is heading for a fall, something that could stop the economic recovery and send stock prices crashing. The dollar hit a 16-month low against the Euro this week." ...  Friday, 6/7, Market WrapUp

[Age of Reason]

Is there some point in caterwauling about the cost of living in NYC and SF--the two most expensive cities in America?

News flash--98% of Americans don't live there. They are not typical of America.

They are increasingly typical of urban areas, where 77% of Americans live.

And as population growth from immigration continues, we'll all soon be living in closet-sized dwellings (the remaining rural areas will used for super farms, watersheds, and other resources to supply a bloated population).

[Age of Reason]

Efforts to reduce the inheritance tax could help produce a huge class of trust-fund millionaires.

The new feudalism.

[Age of Reason]

It's many more times evil to tax the money people earn

Why stop there?

The love of money is the root of evil.

Knowledge, ability, and freedom compose the truest wealth.

[Age of Reason]

It seems to me that the more money people have, the poorer they are in knowledge and ability--although they can still buy the freedom to remain ignorant and inept.

[Deb8]

David Brooks is one of my favorite writers...a keen observer of the social upper class. His book "Bobos in Paradise" is both hysterical and thought-provoking. He's very conservative.

[ChadGore]

Re: . . .and don't even think of buying a house.

Come to Wisconsin. It's more affordable than ever. Acres and acres of sprawling land open for huge housing projects. Low crime, Calm, peacefull living, great schools, minutes away from large cities, with traffic free roads.

Oh yea, and did I mention affordable ?

[ChadGore]

Wisconsin: We LIVE the American dream.

[ko_kyi]

Like a lot of people at FR, and in the US generally, I would LOVE to make my children trust-fund millionaires. The author probably meant that negatively, but I choose to read it as encouragement.

[wardaddy]

Folks should be able to leave their money to whom they wish and not have the government confiscate it. You sounded a bit class eny-ish.

[wardaddy]

Well said...I'm in that 100k or so club with a stay at home wife and soon to be 4 children. I am not rich. I live no better than my dad did on 25K a year 30 years ago.

[dheretic]

"Mike thinks Bill is one of the best, most decent people he's ever met in politics," a friend of both men told the London Guardian (8/26/95). "Eisner admires Bradley so much that he objects whenever anyone else in the movie industry tries to throw a fund-raiser for the New Jersey senator," the Los Angeles Times reported (7/30/90).

http://www.fair.org/extra/9807/from-the-top.html

[Age of Reason]

Some of the important stuff we are poorer in:

freedom

civility

safety

affordable health care

affordable and clean fresh food

freedom

clean water

clean air

clean living

decent people

freedom

statesmen

self-reliance

physical fitness

good schools

safe playgrounds

freedom

fine art and music

family

manhood

motherhood

freedom

I could go on and on and on: We have traded all the above and more for gadgets.

We have all the affordable gadgets anyone might ever want. whoopee.

[Age of Reason]

the reality is that with greater responsibility and position comes an increase in living expenses . . . . I am talking about living in larger homes in nicer neighborhoods, trading in the '67 Dodge Dart for a later model car, nicer clothes, nicer lunches, and kids in programs that don't come cheap.

Because as soon as you start neglecting this stuff, people notice and ditch you

The reality may be more the reverse: an increase in conspicuous consumption leads to greater position.

[FITZ]

that the more money people have, the poorer they are in knowledge and ability

I think there's a big difference in how the money was obtained ---if someone worked for their wealthy, they do tend to be smart and have ability, but if they grow up knowing they'll inherit, they seem to become almost stupid. The Kennedy family is a perfect example of what inherited wealth seems to do for people.

[FITZ]

Folks should be able to leave their money to whom they wish and not have the government confiscate it.

That's of course more true of money you actually earn ---the government shouldn't confiscate the income of working people even more than confiscating inherited money.

[wardaddy]

Yep...I live in a middle-middle to upper-middle class area where the homes run from around 300K to several million. My dwelling is towards the lower end. What really kills me is child support. I pay around 40K in total per year for child support and expenses related to it. All that to my ex who married a guy who pulled in 3M in the 1998. Everytime I buy a new(used) car or develop a new piece of property, she and her lawyers (nothing personal) file for more money. As you know it's easier to just give a few hundred bucks extra a month in CS(totally unaccounted for) rather than spend 50K minimum for a knock down drag-out legal battle. The girls are now 13 and 14 and that only leaves another 4-5 years of that. 5 years of a couple of thousand extra in CS is still cheaper than a court battle. It sucks. Then because of Phil Bredesen, ex-mayor (governor candidate..dem) and all our new stadiums and arenas, my home proerty tax went up by 40% last year and my commercial property taxes went up 25%. My F&E tax went up 100%. And I just got a notice from Blue Cross that they are going up too. I'm sure Mother's Day Out and Private School will follow suit. I used to think if I got where I am today I'd be secure...LOL. Now that imagined security benchmark has doubled. By the time I get there...I'll be too late again. But all my efforts will pay off down the road from my real estate investments in a windfall for my wife and kids....and the government wants that too.....and some Freepers think that is ok. It's crazy. I get tired of all this sometime. Maybe a Jim Walter home on some acreage out in the bush wouldn't be so bad. All these superhikes tax-wise have nixed my plans for a week at Rosemary Beach in July. All my tenants are soon to be pissed too. I plan on a 5% rate increase to over 1000 renters before year end to get some of my money back.

[wardaddy]

BTTT