Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy.
It is good to know that when America is facing its greatest economic downturn since the Great Depression and shared sacrifice is touted as the saving grace that the rich are doing their part. While “typical” Americans debate whether to replace an aging washing machine or buy groceries, America’s wealthy debate whether a $750 dollar pair of shoes will match the new Mercedes Benz they just purchased, special order.
What is most disconcerting to me is not that the wealthy continue to exercise their substantial buying power, after all that is the American way; spend it if you got it! What is most difficult to square with this spending increase is the notion that the tax breaks given this group are serving the to build up their designer collections rather than jobs for America’s 100 million unemployed. The line of reasoning given for exempting America’s rich from the shared sacrifice of taxes is that they are the job creators in this economy, taxing them will only cause a stifle job creation and continue the market’s downward spiral. It appears however that they haven’t gotten the memo. The wealthy continue to keep their tax savings, spending on themselves rather than our nation. While I am certainly not surprised, that no one else in America is, causes me the most pause.