The Wealth Spectrum
http://boztopia.com/?p=84Bankrate, Commerce Department, CPI, creative class, Federal Reserve Board, finance, finances, hard work, Lee Eisenberg, unearned wealth, wealth transferhttp://boztopia.com/?p=84#comments
Bankrate.com has an interesting look at the Federal Reserve Board’s survey of Americans’ financial health.
As Lee Eisenberg notes, the idea that a family making $40,000 a year might be doing better than half the households in America would certainly be surprising to some who are scraping by on that amount of money. But the Fed has always been overly generous with its statistics, much like the Commerce Department’s leaving out food and energy prices when measuring the fluctuations in the Consumer Price Index. (I wonder how these stats will look this year, as opposed to 2001.)
It really is about the net worth-the unearned wealth. The wealth that doesn’t come from hard work, innovation, entrepreneurship, and one’s own labor, but from passively shifting piles of paper around in the hands of bean-counters and using ever-more complex financial instruments. The physical tangibles of consumerism, spending, and ensuring that everyone knows you consume conspicuously.
As I’ve said before, for a country that fetishizes and praises hard work, our system is not geared to reward it. It’s specifically designed to favor those who have money, and use that money to generate more money, often at the expense of those who actually create. And unless you’re already on the top tiers of the ramp, you aren’t worth the time of those who enable the wealthy class to stay wealthy.
I know that I don’t feel like I’m wealthy, despite my placement on the income and net worth charts. I live comfortably, however. I may not be able to afford a house yet, but all my bills are paid, I have very little debt, and I want for nothing. For me, that’s enough. I have no interest in trying to get to the top of the wealth parking garage.
Where do you fit on these levels, and do you really feel like that you’re wealthy?
Bankrate.com has an interesting look at the Federal Reserve Board’s survey of Americans’ financial health.
As Lee Eisenberg notes, the idea that a family making $40,000 a year might be doing better than half the households in America would certainly be surprising to some who are scraping by on that amount of money. But the Fed has always been overly generous with its statistics, much like the Commerce Department’s leaving out food and energy prices when measuring the fluctuations in the Consumer Price Index. (I wonder how these stats will look this year, as opposed to 2001.)
It really is about the net worth-the unearned wealth. The wealth that doesn’t come from hard work, innovation, entrepreneurship, and one’s own labor, but from passively shifting piles of paper around in the hands of bean-counters and using ever-more complex financial instruments. The physical tangibles of consumerism, spending, and ensuring that everyone knows you consume conspicuously.
As I’ve said before, for a country that fetishizes and praises hard work, our system is not geared to reward it. It’s specifically designed to favor those who have money, and use that money to generate more money, often at the expense of those who actually create. And unless you’re already on the top tiers of the ramp, you aren’t worth the time of those who enable the wealthy class to stay wealthy.
I know that I don’t feel like I’m wealthy, despite my placement on the income and net worth charts. I live comfortably, however. I may not be able to afford a house yet, but all my bills are paid, I have very little debt, and I want for nothing. For me, that’s enough. I have no interest in trying to get to the top of the wealth parking garage.
Where do you fit on these levels, and do you really feel like that you’re wealthy?