Wednesday, April 27, 2016

America's Entitled (& Doomed) 
Upper Middle Class
Charles Hugh Smith* sees America's middle class as being doomed because of self-delusion & the pathology of entitlement .. in other words, the middle class will spend all of its savings & go into massive debt just to keep the middle class lifestyle going for as long as possible .. "The core belief of America's upper middle class: I deserve to make more money every year until I decide to retire. Then I deserve a well-funded retirement in an upper middle-class neighborhood with all the usual upper middle-class trimmings. The list of entitlements is practically endless: my wife shouldn't have to work, even though writers' incomes are notoriously uneven; my daughters deserve to attend Ivy league colleges without taking on $100,000+ in student loan debt; they deserve lavish weddings that they don't have to pay for; I deserve a recent-vintage auto, numerous nights out to movies and dinner, annual vacations (we can assume overseas vacations, of course; how gauche to travel only in the U.S.), and so on--an endless profusion of entitlements that are completely unmoored from the realities of their chosen careers in writing (insecure) and film production (insecure). .. The reality is this class of entitled bourgeois is utterly clueless about the financial realities that are about to hit the global economy like a tidal wave. The top 5% aren't prepared to weather a mild storm, much less survive a tsunami. They are well and truly doomed by their self-delusion and their pathology of entitlement.
With this clueless class in positions of leadership, where does that leave the nation?"
LINK HERE to the article

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