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August 05, 2008

Well, what do you know! A reporter got it right!

Mark Jewell of the Associated Press got it right this week. Jewell wrote an article about the rich feeling the pain of the economy. At one point, he explained why people should care when the rich aren't doing so well. "The problem is that when the wealthy get stingy, it trickles down to the rest of us." Amen, Mr. Jewell. Poor men don't create jobs; rich men do. Let's hope Mr. Obama is aware of this.

Posted by fool on August 5, 2008 12:32 AM

Comments

Sometimes when I use T9Word for texting, the word "remember" comes up as "pendads."

Posted by: Leaf at August 5, 2008 04:20 PM

Brilliant insight.

Poor people being hit by the economy is like dog bites man, not news, while rich people being hurt by the economy is like eating dog

Posted by: pretty at August 5, 2008 08:25 PM

I read that article, but somehow I'm not crying for the rich people.

I was hoping that it would elaborate more on the "trickle down" theory with examples, but I'm not convinced that if the riches have to take fewer charter flights and buy extra hybrid cars to supplement the two Mercedes, this translates into a larger impact on the U.S. economy. Well, except for charter flight crews who get fewer shifts and/or get laid off, or the boxed lunch company that loses revenues from fewer $50 lunches. Obviously very sad, but nationally impactful? I'm not sure.

Posted by: teahouseblossom at August 5, 2008 08:45 PM

I would argue that having a large healthy middle class is far better for the economy and job prospects of the poor than ensuring that the rich stay exorbidantly wealthy.

Posted by: over_educated at August 6, 2008 08:43 AM

Agreed with over_educated. Rich men don't create jobs because they have it good. They create jobs to meet demand, and there's no demand unless middle and lower class people have jobs and money to create it.

Posted by: CBK at August 6, 2008 05:45 PM

The only reason there is a middle class is because the upper class pays them enough.

I heart voodoo economics, bueller? bueller?

Posted by: pretty at August 6, 2008 06:13 PM