European Tribune - Community, Politics & Progress.

You win: stuff the poor. You lose: stuff the poor

by Jerome a Paris
Mon Mar 22nd, 2010 at 10:52:14 AM EST

French Opposition Scores Victory in Regional Vote
PARIS—President Nicolas Sarkozy suffered a setback on Sunday, more than halfway into his five-year mandate: His conservative party was crushed in the second round of regional elections as French voters appeared increasingly wary about the fate of the nation's generous but debt-choked social welfare model.

That Sarkozy got a massive ass-whupping means, of course, that voters want more "reform" and more cost-cutting... And indeed PM Fillon has said that they will now proceed with pensions reform (read: increase the retirement age and reduce pension rights), because we all "know" that deficits were absolutely not caused by too-generous welfare for the banks and oversized taxcuts for the rich... It says so on the front page of the most Serious papers!

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You win: stuff the poor. You lose: stuff the poor | 12 comments (12 topical, 0 editorial, 0 hidden)

Somewhat related (4.00 / 3)

How rich is filthy rich?
Millionaires: think you're rich? Think again. According to multi-millionaire entrepreneur Felix Dennis, a total net worth of £1m (€1.1m) to £2m means you are merely comfortably poor.
Net worth Definition
£1m - £2m The comfortable poor
£3m - £4m The comfortably off
£5m - £15m The comfortably wealthy
£16m - £39m The lesser rich
£40m - £74m The comfortably rich
£75m - £99m The rich
£100m - £199m The seriously rich
£200m - £399m The truly rich
£400m - £999m The filthy rich
Over £1bn The super rich

Wind power

by Jerome a Paris (etg@eurotrib.com) on Mon Mar 22nd, 2010 at 10:53:40 AM EST

Re: Somewhat related (none / 0)

That's not off.

Depending on the number of years you allow to deplete the capital through consumption and the rate of return you assume for making use of it, 1 million (euro, pound, dollar) roughly allows one person to live on a moderate income... That qualifies as "comfortably poor" - you can either continue working and be more comfortable, or retire and live uncomfortably.

With 5 million you can support a family unit. That begins to look like "comfortably wealthy".

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Mon Mar 22nd, 2010 at 11:01:55 AM EST
[ Parent ]

Re: Somewhat related (none / 0)

Whoa!

At a 5% rate of return, that would yield £250,000 (€276 ,585 or $373,500) annually.

The UK median wage in 2009 was £25,428 (€28,132 or $37,989) meaning that at that same 5% if you had £508,560 (€562,640 or $759,789) you could get the same amount of money each year that the average worker makes.

It seems like comfortable means different things to different people.

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Mon Mar 22nd, 2010 at 11:42:22 AM EST
[ Parent ]

Re: Somewhat related (none / 1)

at that same 5% if you had £508,560 (€562,640 or $759,789) you could get the same amount of money each year that the average worker makes.

Yes, but that 5% has to be net of inflation, and interest rates were around 5% for the first year or two of the crisis but for most of this decade they have averaged less... So when I said

1 million (euro, pound, dollar) roughly allows one person to live on a moderate income... That qualifies as "comfortably poor"

, what's so whoa-worthy about it? After all, the median income is not necessarily "comfortable".

The brainless should not be in banking -- Willem Buiter

by Migeru (migeru at eurotrib dot com) on Mon Mar 22nd, 2010 at 11:55:23 AM EST
[ Parent ]

Re: Somewhat related (4.00 / 2)

I just think that it's important to be careful not to get wrapped up in the idea that more money= more happiness. It's the utilitarian logic popping up. But what if we can be happy with less? It seems to me that a lot of what drives this need for more money isn't satisfying material needs, it's keeping score. And in the end no one wins that game, because people who think like that are losers to begin with.

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Mon Mar 22nd, 2010 at 01:10:23 PM EST
[ Parent ]

Re: Somewhat related (none / 1)

So the UK's bank bailout, was just about enough to make 850,000 people comfortably poor...

If you're not part of the solution, you're part of the precipitate.

by ceebs (ceebs (at) eurotrib (dot) com) on Mon Mar 22nd, 2010 at 11:03:52 AM EST
[ Parent ]

Re: Somewhat related (none / 0)

Oceania and Eurasia have always been at war.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (myfriends@thisispancakes.com) on Mon Mar 22nd, 2010 at 11:52:54 AM EST
[ Parent ]

You win: stuff the poor. You lose: stuff the poor (4.00 / 3)

How sorrowful it has been to see the European social democracies fall to Reaganomics propaganda that feeding the rich will raise all boats, a disproven theory right here in the USA.

The greatest flaw of democracy has always been its proneness to corruption by wealthy, and the willingness of the middleclass to become pawns of their greed.

by shergald on Mon Mar 22nd, 2010 at 11:43:05 AM EST

Same old, same old (4.00 / 3)

... and the willingness of the middleclass to become pawns of their greed.

Yes, and now that same middleclass will get their just desserts for their brainless capitulation. The fortunate ones will die before they lose everything in their nursing homes. Future generations are screwed, but buck up, the wealthy will find themselves living on a planet resembling a cross between an open sewer and a landfill, all of their own creation of course.

Homo sapien life on Earth: An affinity resin for assholes. Quite an invention actually.

I love the smell of roast chicken in the morning!

by THE Twank (yatta blah blah @ blah.com) on Mon Mar 22nd, 2010 at 01:38:51 PM EST
[ Parent ]

Question for the folks: (none / 1)

On Washington Journal (CSPAN) every morning they are always taking quotes from either the FT or WSJ ... that show has unfortunately become FOX LITE, and many viewers call in making a similar comment.

Anyway, in your own lives, do you EVERY come across people who actually quote these propaganda rags, actually take the right-wing BS seriously, except for the Richie-Rich folks of course? For them it's gospel, understandable so.

I love the smell of roast chicken in the morning!

by THE Twank (yatta blah blah @ blah.com) on Mon Mar 22nd, 2010 at 01:48:14 PM EST

Re: Question for the folks: (none / 1)

Yes, I used to work with someone who would state such things as fact. And he was smart.

by njh on Mon Mar 22nd, 2010 at 07:51:02 PM EST
[ Parent ]

Re: Question for the folks: (4.00 / 3)

THE Twank:

actually quote these propaganda rags

No need. These outlets set the tone and the CW for the rest of the media. Do you hear people speaking the CW? You bet you do.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Mar 23rd, 2010 at 03:24:05 AM EST
[ Parent ]

You win: stuff the poor. You lose: stuff the poor | 12 comments (12 topical, 0 editorial, 0 hidden)

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