Those kids aren't rich, upper middle class at the most. The real rich go to Ivy's regardless of merit, they have trust funds in the millions, and are a lot more circumspect in hiding their wealth to avoid the taxman.
Historically the rich flaunting their status at the poor during times of economic hardship has never ended well.
They're just being dumbasses, but I wouldn't shed any tears if I heard they got a couple rocks chucked through the house windows.
Historically the rich flaunting their status at the poor during times of economic hardship has never ended well.
Truth. But as GRtak said, it's a matter of perspective. 25% of US households have incomes below 25k a year. The median household income is just under 50k. Most households with two earners don't even break 75k. Less than 10% earn more than 100k, less than 2% earn over 250k. In the grand scheme of things, 100k or 250k isn't a lot of money. But that's a hell of a lot more than most Americans will ever earn in a year. So, some dumbass frat boys think they're super rich. Can't really blame them.Those kids aren't rich, upper middle class at the most. The real rich go to Ivy's regardless of merit, they have trust funds in the millions, and are a lot more circumspect in hiding their wealth to avoid the taxman.
Bankers? Salaries vs. Everyone Else?s
Why are the Occupy Wall Streeters so angry at bankers? This chart might give you some idea: (follow the link)
That chart is from a new report from the New York State Comptroller?s office on the securities industry in New York City.
It shows that the average salary in the industry in 2010 was $361,330 ? five and a half times the average salary in the rest of the private sector in the city ($66,120). By contrast, 30 years ago such salaries were only twice as high as in the rest of the private sector.
Last year helped contribute to the widening of that gap, too.
That?s not to say that bankers have job security.
The overall financial services sector was disproportionately hit by the financial crisis. The sector employs just 12 percent of the city?s work force, but accounted for one out of every three jobs lost in the recession. Some (not all) of those jobs were regained, but the comptroller?s office says the industry ?is likely to experience significant job losses over the course of the next year.?
In particular, the securities sub-sector of financial services ?could lose an additional 10,000 jobs by the end of 2012, which would bring total job losses in the industry to 32,000 since January 2008,? the report said.
These are the people (bankers and wall streeters) that offer the least to society and make a huge amount for it. Garbage collectors should make more as they actually do something for our society, bust their ass, and have to work in nasty working conditions.
Banking (and insurance) is ultimately the basis for a modern industrial society. Without both the Industrial Revolution would not have occurred in the Britain or the United States and it would not have been able to sustain itself and expand. They are both vital to the functioning of the modern world.
Apparently the Chinese have now overtaken the Americans, when it comes to fulfilling basic needs, like getting enough food: http://www.gallup.com/poll/150068/Chinese-Struggling-Less-Americans-Afford-Basics.aspx
Me neither. We've got ~14 million unemployed, 1 in 6 under the poverty line and politicians talking about "shared sacrifice" as they cut funding for social programs, unemployment, food stamps, etc. What a bunch of bullshit. China has the same problem with income inequality that we do, difference is that they actually recognize it as a problem.I'm really not surprised in the slightest.
I'm not so optimistic that anything will change, but it's good to see people protesting for policies that would actually improve the lives of the middle class and poor.
Me neither. We've got ~14 million unemployed, 1 in 6 under the poverty line and politicians talking about "shared sacrifice" as they cut funding for social programs, unemployment, food stamps, etc. What a bunch of bullshit. China has the same problem with income inequality that we do, difference is that they actually recognize it as a problem.
Argh, I don't have time to look at the data sets now. The 4,100 person sample size is hard to shrug off though. That's insane.Looking at Gallup's data it seems like they missed most of the poorer areas of China. Beijing, Shanghai, and Guangzhou are consistently overrepresented.