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Oilwellian

(12,647 posts)
Fri Jan 18, 2013, 10:52 AM Jan 2013

The Poor, Poor Rich According To the Wall Street Journal


The Onion couldn't top this. Whether it's the sad faces of all these put-upon dejected rich people, or the elderly minority couple who is depressed despite not paying extra taxes (or was that the point?), or the distressed single Asian lady making $230,000 who might not be able to buy that extra designer pantsuit this year, or the "single mother" making $260,000 whose kids presumably have a deadbeat, indigent dad just like any other poor family, or that struggling family of six making $650,000 including $180,000 of pure passive income and wondering how to make ends meet, mockery is almost superfluous. The thing mocks itself. That $650,000 family in particular is bizarre to the point of incredulity: those people could literally stop working entirely, live extremely well on $180,000 while doing nothing but watching television all day and staying home with their kids, and leave their high-salary jobs with their oh-so-onerous tax requirements to people who actually appreciate them.

Beyond mockery, though, that the Wall Street Journal would even dare publish such a thing without irony is indicative of the reality that the wealthy don't live in the same country as the rest of us. Their experience of life, and therefore of public policy, is on an entirely different plane. These are people who take tens or even hundreds of thousands of dollars of yearly passive investment income for granted and think they earned that money, deserving to pay very low taxes on it. They're people who see a single individual making $230,000 as struggling to get by, and severely put upon by the loss of a couple thousand dollars to help pay for decrepit infrastructure and basic healthcare for the indigent.

http://digbysblog.blogspot.com/2013/01/the-poor-poor-rich-of-wall-street.html
47 replies = new reply since forum marked as read
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The Poor, Poor Rich According To the Wall Street Journal (Original Post) Oilwellian Jan 2013 OP
See how Obama is giving reparations? denverbill Jan 2013 #1
Yes, the subliminal messages honk at you Oilwellian Jan 2013 #5
I've been tempted to set donation jars on convenience store counters Wednesdays Jan 2013 #28
Oh, and another subliminal message in it Wednesdays Jan 2013 #30
I think the tax increase also figures in the expiring payroll tax cut hfojvt Jan 2013 #41
I feel terrible for that married couple with children who have to survive on only $54,166 PER MONTH. JaneyVee Jan 2013 #2
FU WSJ! jorno67 Jan 2013 #3
wat the Wall Street Journal really did this cartoon?! I thought it was sarcasm from. another poster uponit7771 Jan 2013 #4
It's the real deal Oilwellian Jan 2013 #6
SERIOUSLY how high do you have to be, Volaris Jan 2013 #7
Also note... Oilwellian Jan 2013 #9
B...But rich people work dozens of times harder than the average worker Wednesdays Jan 2013 #12
The Wall Street Journal, sir, does not SHARE its dope JHB Jan 2013 #29
First sentence of the second paragraph - all you need to know. closeupready Jan 2013 #8
That sentence was used to post photo on Reddit Oilwellian Jan 2013 #10
Wow, isn't that a hoot? You know, most times, brevity in speech closeupready Jan 2013 #11
afscme did a remix of the cartoon: Starry Messenger Jan 2013 #13
ROFL...that's hysterical n/t Oilwellian Jan 2013 #27
Yessssssss. (nt) Posteritatis Jan 2013 #45
Yup, the single mom with the kids clinging to her Wednesdays Jan 2013 #14
They need every penny they can get. Cybernetic enhancements aren't cheap. (nt) Posteritatis Jan 2013 #46
$2,100 of those increases was because of the end of the payroll tax holiday, fleabiscuit Jan 2013 #15
Good point Oilwellian Jan 2013 #35
Fun with numbers!!!! AlbertCat Jan 2013 #16
Amazing when you break it down like that n/t Oilwellian Jan 2013 #36
NONE of those depicted are "rich". You are as bad as Republicans who hate unions because THEY don't KittyWampus Jan 2013 #17
Never mind. closeupready Jan 2013 #18
Compare their numbers with minimum wage. Wednesdays Jan 2013 #19
Why would I compare those numbers to minimum wage when minimum wage is a sick joke? KittyWampus Jan 2013 #31
I see what you're driving at Wednesdays Jan 2013 #34
Not rich? lark Jan 2013 #21
Cool. So all one has to do to be rich is to "feel" rich, and visa-versa? fleabiscuit Jan 2013 #24
For historical reference (which supports both perspectives here): JHB Jan 2013 #32
Really? Your post is RICH! Oilwellian Jan 2013 #33
I don't know any "retired couples" bringing in $180k! xtraxritical Jan 2013 #39
Let's compare it not to the minimum wage, but to actual income & wealth data Alcibiades Jan 2013 #40
Well said Wednesdays Jan 2013 #42
yeah, it's freaking unreal-- simply disgusting NoMoreWarNow Jan 2013 #20
how many single mothers are there who command $260K? NoMoreWarNow Jan 2013 #22
There are a few, I'm sure. But... AnnetteJacobs Jan 2013 #26
Elin Nordegren Woods? Blue_Tires Jan 2013 #43
Hell, how many single mothers aren't managing to command $35K? Posteritatis Jan 2013 #44
Yeah, what percentage of people in the single parent, two kids class have any investment income at AtheistCrusader Jan 2013 #23
"different plane of reality" ... & dontch ya'll come knockin' toby jo Jan 2013 #25
Single person making $230K? What planet are they living on??? Initech Jan 2013 #37
Oh, there are probably plenty Wednesdays Jan 2013 #38
That really is an incredible image Posteritatis Jan 2013 #47

denverbill

(11,489 posts)
1. See how Obama is giving reparations?
Fri Jan 18, 2013, 11:00 AM
Jan 2013

The only family with no tax increase is black. Lord knows how that poor family of six scraping by on $650,000/year is going to handle a 3.3% tax increase.

Also interesting to note how every one of these folks had large amounts of investment income. If they hadn't, only the $650K couple would have shown a tax increase.

Oilwellian

(12,647 posts)
5. Yes, the subliminal messages honk at you
Fri Jan 18, 2013, 11:07 AM
Jan 2013

The rich are so unhappy that they can't buy that extra Gucci bag this year. :sniff:

Wednesdays

(17,335 posts)
28. I've been tempted to set donation jars on convenience store counters
Fri Jan 18, 2013, 01:26 PM
Jan 2013

With the label, "Feed the Rich!"

And a picture of a guy with designer sunglasses sitting at the wheel of a Porsche convertible, looking at the camera and saying, "Please help. I hardly have enough money to get myself to my vacation in Barbados!"

Wednesdays

(17,335 posts)
30. Oh, and another subliminal message in it
Fri Jan 18, 2013, 01:35 PM
Jan 2013

The only ones not paying more taxes are the ones who don't work.

Ergo, the people who "contribute to society" are being "punished for their success," while the "slouchers get a free ride."


Edit: So I agree, I don't think it's by accident the ones in the illustration are African-Americans.

hfojvt

(37,573 posts)
41. I think the tax increase also figures in the expiring payroll tax cut
Fri Jan 18, 2013, 02:31 PM
Jan 2013

but it wouldn't really be realistic for a couple making over $500,000 a year to NOT have any investment income.

 

JaneyVee

(19,877 posts)
2. I feel terrible for that married couple with children who have to survive on only $54,166 PER MONTH.
Fri Jan 18, 2013, 11:00 AM
Jan 2013

Volaris

(10,269 posts)
7. SERIOUSLY how high do you have to be,
Fri Jan 18, 2013, 11:17 AM
Jan 2013

to think that America actually LOOKS like that, economically. 'Cause THAT'S some top-caliber dope you have there, and you should fucking SHARE.

There's not a single mother in my STATE of MO that makes 260G's a year, and feels BAD about it.

WTF?

Oilwellian

(12,647 posts)
9. Also note...
Fri Jan 18, 2013, 11:21 AM
Jan 2013

your average American doesn't EARN in a year what these people pay in taxes. Hello?? Let's have a reality check here!

Wednesdays

(17,335 posts)
12. B...But rich people work dozens of times harder than the average worker
Fri Jan 18, 2013, 11:28 AM
Jan 2013

So they deserve all that money!

JHB

(37,158 posts)
29. The Wall Street Journal, sir, does not SHARE its dope
Fri Jan 18, 2013, 01:33 PM
Jan 2013

There's only so much shit of that grade to go around, so they feed it where it does them the most good.

 

closeupready

(29,503 posts)
8. First sentence of the second paragraph - all you need to know.
Fri Jan 18, 2013, 11:18 AM
Jan 2013

Kind of like that old book, "Everything I ever needed to know, I learned in kindergarten".

 

closeupready

(29,503 posts)
11. Wow, isn't that a hoot? You know, most times, brevity in speech
Fri Jan 18, 2013, 11:28 AM
Jan 2013

- I've found - is like a pinpoint laser, cutting through the bullshit muck and fog of obfuscating flowery language that does nothing but distract and hide. That sentence is one such.

Wednesdays

(17,335 posts)
14. Yup, the single mom with the kids clinging to her
Fri Jan 18, 2013, 11:47 AM
Jan 2013

As they await the arrival of the maid and private tutors to take care of them before she heads out in her Mercedes...

Edit: If you look closely, doesn't the boy's left arm seem a bit...long?

fleabiscuit

(4,542 posts)
15. $2,100 of those increases was because of the end of the payroll tax holiday,
Fri Jan 18, 2013, 11:56 AM
Jan 2013

so all working people had the same percentage of increase up to the max, approx 105K. That's why no increase for the retired couple.

Oilwellian

(12,647 posts)
35. Good point
Fri Jan 18, 2013, 01:59 PM
Jan 2013

Also, the first $400 thousand they earn is exempt from Obama's tax increase (minus the 2% payroll tax holiday).

 

AlbertCat

(17,505 posts)
16. Fun with numbers!!!!
Fri Jan 18, 2013, 12:02 PM
Jan 2013

(I posted this when this image 1st came up on DU)


Let's see:

$3,356 a year is $9.19 a day! ($3.06 a person)
$2,907 a year is $7.96 a day!
$21,608 a year is $59.20 a day! ($9.87 a person)


I know I'd just die if I had to cut my daily spending by $10!!!!!

 

KittyWampus

(55,894 posts)
17. NONE of those depicted are "rich". You are as bad as Republicans who hate unions because THEY don't
Fri Jan 18, 2013, 12:06 PM
Jan 2013

have the same protections & bennies at their jobs. Rather than fight for everyone to have better wages/conditions.

Those salaries are upper middle class where I live.

Edit- the problem is wage stagnation for a lot workers. More Americans should be making those kinds of salaries. Not less. And NOONE should be making what the Waltons who own Walmart make.

Wednesdays

(17,335 posts)
19. Compare their numbers with minimum wage.
Fri Jan 18, 2013, 12:17 PM
Jan 2013

Do the math. Oh, and don't forget to subtract for health insurance, food, and other necessities.

You'll then get a better understanding of how "poor" the people in the illustration are.

Wednesdays

(17,335 posts)
34. I see what you're driving at
Fri Jan 18, 2013, 01:59 PM
Jan 2013

I don't think minimum wage needs to be raised to $260,000 a year to be considered a decent bottom wage, though.

250,000 then, okay.

lark

(23,083 posts)
21. Not rich?
Fri Jan 18, 2013, 12:18 PM
Jan 2013

They may not be super rich, but they certainly are not hurting even a little bit. They are paying far less (especially the $650,000 family) in taxes as a percentage than working class folks because of their investments (welfare for the rich). They all could afford to pay more in taxes. Back before the economy crashed in 2008/2009, my husband and I together used to make around the lower amounts pictured and I can tell you we felt VERY comfortable and didn't have any money worries at all - went to Europe for 3 weeks, drive nice cars, paid for our daughter's college, etc. These days, our income has been cut 30% but we are still making it, paying our bills timely, but no more excellent vacations like we used to take.

JHB

(37,158 posts)
32. For historical reference (which supports both perspectives here):
Fri Jan 18, 2013, 01:48 PM
Jan 2013

In 1955 there were 24 income tax brackets. Adjusting for inflation:
16 brackets affected incomes above the equivalent of $250,000;
11 of those affected incomes above the equivalent of $500,000;
The top bracket kicked in on incomes over the equivalent of $3.3 million.

And that's just talking about where one income level was treated differently than another, without even mentioning what the rates were on those brackets.

Yet somehow we still had rich people, and people who became rich.


All the (fictional) people in the WJS graphic are affluent and doing very well, even if they aren't among the super-rich (though I'd argue the $650K family with $180K investment income certainly qualifies for the non-super version of "rich&quot . Be that as it may, it definitely misleads readers by only using examples from the highest (non-super-rich) end of the income spectrum, and using representations that imply generally more modest means than the specified incomes.

Oilwellian

(12,647 posts)
33. Really? Your post is RICH!
Fri Jan 18, 2013, 01:54 PM
Jan 2013
The next income level is what is commonly called the "5 percent," or the percentage of Americans who make more than $150,000 annually. At the top of the economic ladder is the so-called "1 percent," or households that earn more than $250,000 annually.
http://money.usnews.com/money/personal-finance/articles/2012/09/13/where-do-you-fall-in-the-american-economic-class-system


Perhaps you should get out more.

Edited to add, 3 of the 4 depicted in this cartoon fall into the top 1% category. I would hardly call that part of the "middle class."
 

xtraxritical

(3,576 posts)
39. I don't know any "retired couples" bringing in $180k!
Fri Jan 18, 2013, 02:24 PM
Jan 2013

In fact I don't think I know anyone making that much, period. The people in the picture are supposed to be poor? You gots to be kidding me.

Alcibiades

(5,061 posts)
40. Let's compare it not to the minimum wage, but to actual income & wealth data
Fri Jan 18, 2013, 02:27 PM
Jan 2013

I don't know where you live, but for most Americans, these folks would qualify as rich.

Let's just look at total income, and then see where each example fits in the actual distribution of income in the US. (Assuming the data at http://www.whatsmypercent.com/ is correct Note that this site apparently uses 2010 data)

Single parent with $260,000 in total income:
99th percentile

Single person with $230,000 in total income:
99th percentile

Retired couple with $180,000 in total income:
98th percentile

Married couple with $650,000 in total income:
98th percentile

But let's not just look at income: let's also look at wealth. These folks all reported substantial investment income. In 2012, the Dow went up 7.3%. Some of these folks probably have money invested in differently--the single woman, for example, may have a much more aggressive portfolio than the retired couple, but let's just assume that all these folks earned 7.3% on this money this past year.

So how much wealth does each of these average Americans actually have? Let's exclude the fact that most folks in this category will also have some home equity, for the moment, and assume that their income generating investments are the only wealth they have. What are their ranks? The calculator here is from http://www.4cdg.com/cgi-bin/calculators/wealth2.cgi . I assume the ages from the handy dandy illustrations and desciptions.

Single Parent with $35,000 in investment income:
$479,452
95.152th percentile (assuming 30-39 age range)

Single person with $25,000 in investment income:
$342,465
98.31th percentile (assuming 20-29 age range)

Retired couple with $52,000 in investment income:
$712,328
84.77th percentile (assuming 60-69 age range)

Married couple with $180,000 in investment income:
$2,465,753
99th percentile (assuming 30-39 age range, drops to 97.54th percentile if 40-49 age range is assumed.)

The folks at the WSJ apparently live in a bubble that only includes the top 1 to 2 percent of earners. Most folks in this country would happily trade a tax increase of $2,000 for this sort of income.

 

NoMoreWarNow

(1,259 posts)
22. how many single mothers are there who command $260K?
Fri Jan 18, 2013, 12:19 PM
Jan 2013

It's got to be a miniscule number if it's even above 0.

AnnetteJacobs

(142 posts)
26. There are a few, I'm sure. But...
Fri Jan 18, 2013, 12:55 PM
Jan 2013

But the way the picture looks makes one think of the average low–wage mother. And to suggest someone with a $260,000 income has it just as tough as the average single parent is downright insulting.

Posteritatis

(18,807 posts)
44. Hell, how many single mothers aren't managing to command $35K?
Fri Jan 18, 2013, 06:34 PM
Jan 2013

That's what they claim that parent's investment income alone is.

AtheistCrusader

(33,982 posts)
23. Yeah, what percentage of people in the single parent, two kids class have any investment income at
Fri Jan 18, 2013, 12:26 PM
Jan 2013

all?

This seems like a BUY STOCKS plug.

Wednesdays

(17,335 posts)
38. Oh, there are probably plenty
Fri Jan 18, 2013, 02:13 PM
Jan 2013

But the drawing is of a young (twenty-something) non-White female. You could probably count the number of women like her on your hands.

The reality is, the majority of that demographic and income level is older white bachelors, and I'd bet it's close to 90 percent. But of course they don't want to show that.

Posteritatis

(18,807 posts)
47. That really is an incredible image
Fri Jan 18, 2013, 06:37 PM
Jan 2013

Incredible both in the literal sense of "I can't fucking believe this," and that it's an amazing look into the mindsets of, well, the sort of people who would publish that.

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