Back when he was just Senator Obama, or State Senator “Present” Obama, or Lecturer Obama, or even just Community Organizer (read: shakedown artist) Obama—under whatever beret he was wearing at the time, Obama wanted to “spread the wealth”, to promote “fairness”.
He’s even a failure as a socialist! [Excerpts follow]
Highlights of the Fall 2013 Affluent Market Tracking Study #24
This report is based on the responses from 327 men and women who promptly responded and met the minimum net worth requirement of $800,000. Their households have an average annual income of $295,000, an average net worth of $3.1 million, average investable assets of $1.7 million, and an average primary residence value of $1.3 million. Over 93% have a net worth of $1M or more.
The wealthiest 10% of U.S. households account for almost half of all consumer spending.
Since 2002 these surveys have regularly measured and tracked the 12-month outlook of the most affluent households for the economy, the stock market and their personal earnings, savings, investment objectives, and spending plans for 17 product categories and 8 major expenditures.
The 17 brands listed for ownership/experience, familiarity/knowledge, and perceptions were Louis Vuitton, Hermes, Gucci, Chanel, Prada, Coach, Burberry, Rolex, Breitling, Clinique, Lancôme, Neiman Marcus, Nordstrom’s, Four Seasons Hotels, Ritz-Carleton Hotels, BMW, and Lexus.
Spending plans for the 8 major items and the indexes for the change in spending for the 17 products and services tracked by these surveys are about the same or a little stronger than the prior two surveys in most cases.
The affluent seem to have a slightly better outlook than the general public. … Almost a third expect their net worth to be higher in March 2014.
But it hasn’t been all Lafite and long-stemmed roses for the wealthy:
The encouraging mood and spending plans of the affluent in September may have been negatively influenced by the deadlock on deficit and debt reduction legislation and the resulting volatility in the stock market during October.
I wondered about posting this, as it fits Obama’s socialist agenda more than my conservative/libertarian one. Who wants to hear about the rich getting richer?
But the economy is not a zero-sum game. What do I care if the rich are getting richer, if they’re not taking it from someone else? By hard work and luck, they have succeeded economically. Why shouldn’t they enjoy their Hermes, Gucci, and Chanel (oh my!) if they want to? And as their spending amounts to half of all consumer spending, we’d better hope they keep it up!
Oh, and while Comrade Obama is bashing and threatening millionaires with “peasants with pitchforks”, you know who millionaires are?
[T]he affluent have limited experience and familiarity with luxury brands. This is perhaps understandable since over 80% of millionaires are self-made and were raised in families with little or no exposure to luxury products.
The Obamas fit this profile. Raised in modest circumstances, they now enjoy the finest lifestyle America can offer. With one small difference: being on the make is not the same as being self-made.