Tuesday, August 05, 2008 Finally the rich join our nation of whiners POST A COMMENT Sen. Phil Gramms' mental recession can add a bunch of wealthy folks to that "nation of whiners." Yep, even those swimming in cash have been tightening their Gucci-belts. Before you go out and call the tiny violins...'or clap your hands 'bout that rampant consumption in our culture coming to a end... 'let me point out the how the "upper-crust thriftiness could reverberate across the economy..." Because - "The 10 percent of households with the highest incomes account for nearly a quarter of all spending..." We kinda do really need the rich flaunting their cash -- (Like one big tail gate party of rich folks 'out-doing-the-Jones...how 'bout a keep on-honkin' for Prada and Gucci Bags). On most days I'd be first on that line to argue the imbalances -- and why only a small percent of the population can actually afford to spend right now -- the point here is that imbalance "gives the wealthy immense economic clout" -- and not spending in the already slumping economy...well... Let's toss out there another couple of nuggets to chew on: "Consumer spending makes up 70 percent of gross domestic product...and that "economic activity...creates (new) jobs" Soooo, we don't need to hear right now that rich people are -- "seeking the best deals" rather than the "over-the-top extravagances that's expected!" Or we really don't need to hear that "Luxury spending fell 4 percent last year, and this year's decline is expected to be steeper, particularly for luxury handbags and clothing that don't hold value" Don't the rich people know Phil Gramm was talking about poor slobs like us when he was talking about mental problems...don't be insane. If you're one of the 10 percent with all that available cash on hand get over your whining and go out and buy one of them luxury gas-guzzling HUMMER SUVs...and hell, why not go out for a nice loooong drive...'go on and make Phil Gramm proud again. Source: Denver Post Labels: economy, News Trends, Poverty Divide, race relations, rich and poor divide posted by Henry Cruz at 1:41 AM 0 Comments: Post a Comment << Home     ARCHIVES October 2005 . November 2005 . December 2005 . August 2007 . September 2007 . October 2007 . November 2007 . December 2007 . March 2008 . April 2008 . May 2008 . June 2008 . July 2008 . August 2008 . September 2008 .