The Rise of the Non-Working Rich by Robert Reich

[Crewleader]

Tuesday, July 15, 2014

In a new Pew poll, more than three quarters of self-described conservatives believe “poor people have it easy because they can get government benefits without doing anything.”

In reality, most of America’s poor work hard, often in two or more jobs.

The real non-workers are the wealthy who inherit their fortunes. And their ranks are growing.

In fact, we’re on the cusp of the largest inter-generational wealth transfer in history.

The wealth is coming from those who over the last three decades earned huge amounts on Wall Street, in corporate boardrooms, or as high-tech entrepreneurs.

http://robertreich.org/post/91880951615

[NYC_SKP]

1. k/r nt

[enough]

2. My two offspring are in their mid-30s. They have numerous friends and acquaintances who

don't actually have to work. Most of these people have some kind of vague job or project which gives them something to say when asked what they do. But they don't have to be anywhere specific at any particular time, they don't have a boss, and whatever income their "projects" may be generating can't possibly support a living wage. They have "no visible means of support."

What's funny is that these young people don't appear particularly affluent on the surface. They don't fulfill any stereotype of the rich spoiled brat. But then you notice that they always have excellent new cars, great places to live, interesting clothes, the latest devices. They travel a lot. And they don't go to work.

So it makes sense to me when Reich mentions in the article that "the bank found inherited wealth far more common among rich millennials under age 35."

[snagglepuss]

3. to read later