Posted by
JDComments on Wednesday, January 03, 2007 12:31:28 PM
I bet you didn't know that the US has morphed into a "casino" society with a few big winners and the vast majority of us "losers" , wallowing in squalor like characters in a Dickens' novel, did you? Fortunately , Kurt Andersen of
New York Magazine has written a
piece to open our eyes so that we can be aware of our suffering. After all, there is nothing worse than unrecognized hardship.
The main argument Andersen makes is all predicated on the disparity between the very rich and the rest of us.
Thus:
The asymmetry between the Goldman boss’s compensation and that of his average employee—85 times as big—is virtually Ben-and-Jerry’s-like these days: An average CEO now gets paid several hundred times the salary of his average worker, a gap that’s an order of magnitude larger than it was in the seventies. In Japan, the ratio is just 11-to-1, and in Britain 22-to-1.
He is fair enough to point out that the peons in Goldman Sachs make an average of
$623,000 , but since the bosses make so much more , this is totally unfair and indicative of the skewing of the American economy he is trying to illustrate.
Well, I don't know about you, but I would
love to be skewed to the tune of $625,000 per year. I guess that proves I just don't understand how bad things are, and hence the need for this article.
Andersen actually says there is "economic dread" overhanging the average American today, and then segues into the argument for economic populism, which actually seems to just be good old fashioned paternal socialism renamed , a la "preowned cars " , to be more acceptable to all us poor, destitute serfs. Of course, if we were all starving , I would imagine that socialism would sound pretty good, so you have to wonder why it has to be camouflaged.
Which brings me to my point- I look around and see everyone doing pretty well. Home and stock ownership is at an all time high, while unemployment is at historic lows. Everywhere I look people are driving nice cars, shopping in good stores, and eating out regularly. Try as I might, I just cannot see even a hint of
Bleak House or Oliver Twist anywhere. Of course there is poverty , but there will always be poor amongst us, and compared to third world nations even those on the bottom rungs of our society are doing pretty good.
My problem then with Mr. Andersen is his need to make
comparative wealth the metric for evaluating our economy. Yes, in Europe the dichotomy between extremes is much less than here, but then why do so many long to come here? Maybe because in absolute terms it is still better to be in the US than in Germany or France or even England?
And I always have an argument with those who begrudge the wealthy their success. Listening to a Liberal you would think that a Bill Gates or Warren Buffet tucks their money under a mattress and thus deprives everyone else of it's use when In truth, those two gentlemen , as everyone knows, are huge contributors to charity, as are so many of the wealthy, and so put the lie to that premise.
But even your average millionaire makes investments and purchases, eats in restaurants, and does all manner of things which result in jobs and other benefits to society. Money is constantly flowing through the economy, and the only question is who determines where it flows. A leftist opts for the government, while a Capitalists chooses the individual. If we are living well, I couldn't care less if the wealthiest are getting a disproportionate amount of the riches, whatever that means. I much prefer it in their hands than the bureaucrats and politicians who never made it, but only took it to begin with.
In countries where the haves have it all, and the majority are truly destitute, like in some South American countries, yes, there is certainly a problem which must be addressed, but those people don't need articles to make them aware. They just have to get up in the morning and reality strikes them in the face.
We, on the other hand, seem to need this constant drumbeat of pessimism and doom to make us aware of how bad we have it because we don't seem to be getting it. Perhaps that is because, regardless of the Kurt Andersens out there, there is nothing to get.