Thursday, August 4, 2011

Rich and Poor

I've written about the income disparity between rich and poor. That disparity continues to become manifest. I suppose the affluent out there just have their own world, eh? The New York Times today wrote, "The rich do not spend quite as they did in the free-wheeling period before the recession, but they are closer to that level…Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price. Neiman Marcus has sold out in almost every size of Christian Louboutin "Bianca" platform pumps, at $775 a pair. Mercedes-Benz said it sold more cars last month in the United States than it had in any July in five years…"

And, according to the Times, "'If a designer shoe goes up from $800 to $860, who notices?' said Arnold Aronson, managing director of retail strategies at the consulting firm Kurt Salmon, and the former chairman and chief executive of Saks."

Who notices? Well, certainly not those 16-20 million unemployed, or increasing percentage of those living below the poverty line.

How did we become such a dreadful place?

But on the plus side, the Times also wrote about New York's Mayor this morning, "The administration of Mayor Michael R. Bloomberg, in a blunt acknowledgment that thousands of young black and Latino men are cut off from New York's civic, educational and economic life, plans to spend nearly $130 million on far-reaching measures to improve their circumstances."