Please, sir, may I have some more?

A new report out (PDF) by UBS Investor Watch shows that only 31% of millionaires “feel wealthy.” 

Ummm….

In a survey of more than 4,000 respondents, 69% of millionaires reported that they don’t feel wealthy; 40% of millionaires with investable assets of more than $5 million (meaning, $5 million in spare change) still didn’t feel wealthy.

This may have something to do with their definition of wealthy.

<—- Check it out. 50% of respondents defined ‘wealthy’ as having no financial constraints. Only 10% defined ‘wealthy’ as “ensuring a comfortable lifestyle for next family generations” — what one could arguably call the traditional American dream.

Reports like this provide important indicators on wealth inequality trends in Oregon and around the nation. You see, we looked at a similar report 2 years ago and were shocked to find that in 2011, 42% of millionaires didn’t feel wealthy. But now, just two years later, it’s 69% of millionaires who are asking: “Please, sir, may I have some more?”

The richest Americans have seen their wealth skyrocket in decades, all while middle class families have gotten the squeeze. As Pulitzer Prize winning economist David Cay Johnston shared with Our Oregon, the distribution of wealth in our nation is not a naturally-occurring phenomenon — but is, in fact, a direct result of the policies and practices put into place by our lawmakers.
Income Inequality in Oregon
You can see that very trend in Oregon: During the 2013 legislative session, Oregon Republicans pushed hard to get more tax breaks for the wealthy, even while slashing budgets for senior services and passing a K-12 school budget that still leads to teacher layoffs and overcrowded classrooms in some districts.

So, we’ve got an environment where multi-millionaires are asking for more, more, more (just enough so that they never have to think about money again, is all!) while at the same time our schools, seniors, and other critical services are struggling. How much is enough? Will they ever be satisfied?

And isn’t it time for a change?

 

8 Responses to “Please, sir, may I have some more?”

  1. Michael C. Fenning

    “The love of money is the root of all evil” “Power corrupts, and absolute power corrupts absolutely” That’s Jesus and Lord Some-thing-or-other [Tallyrand?]

    Reply
  2. Glenna

    For some people the quest for money is an illness like anorexia is an illness.

    Reply
  3. Matthew Vantress

    Why do you our oregon ultra backed liberal organizations hate everyone including people and corporations that make money?thats the american way.Got any new ideas on job creation or economic growth?you sound like a broken record with the same old tired lies and propaganda about corporations and the rich.come us with some new ideas not the same old tired worn out propaganda you keep spewing.

    Reply
    • Anonymous

      Yeah, here’s a job creation idea. Bring American business and material production back inside the borders of this country. Pay the Americans working for these companies a living wage including health benefits and guaranteed retirement so they can send their children to school, afford to take vacations and spend money in other American cities and towns and afford to buy more made in America products. Quit sending US company production to other countries so they can make more money than could possibly be spent in 10 lifetimes instead of being real Americans and doing everything possible to make our country great again. These traitors who use offshore companies to not only cheaper the labor market but avoid paying US taxes should be arrested, tried in a court of law with average Americans and see where they end up.

      Reply
  4. Matthew Vantress

    You forgot to mention in the article 85% of school funding is compensation and benefits plus pers.Quite a few teachers got step increase raises this year and some got union contract raises too plus more pers money too.That why there are layoffs not cause of inadequate funding.

    Reply
    • Janet

      Why is it conservative whiners seem to hate everyone including teachers and unions that educate and prevent exploitation? It seems like the only way money problems can be explained by a “fiscally responsible” individual is if it’s the fault of teachers. Quite the broken record indeed.

      Reply
    • Paul

      Matthew, come on. Explain how paying workers a livable wage causes layoffs. Are you an economist, AND an accountant?

      Reply
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