Originally published at: https://boingboing.net/2019/11/14/thats-where-the-money-is-2.html
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In the ownership society - you’re what’s owned.
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Once again:
Of all the classes that stand face to face with the bourgeoisie today, the proletariat alone is a really revolutionary class. The other classes decay and finally disappear in the face of Modern Industry; the proletariat is its special and essential product. The lower middle class, the small manufacturer, the shopkeeper, the artisan, the peasant, all these fight against the bourgeoisie, to save from extinction their existence as fractions of the middle class. They are therefore not revolutionary, but conservative. Nay more, they are reactionary, for they try to roll back the wheel of history. If by chance they are revolutionary, they are so only in view of their impending transfer into the proletariat, they thus defend not their present, but their future interests, they desert their own standpoint to place themselves at that of the proletariat.
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They’re trying to get rid of all jobs in the long term.
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The goal of “trickle down” was always really to “suck up”, so no-one should be surprised by this endgame.
while upper-middles might own stocks, they don’t get to buy into private equity funds or VC funds, where table-stakes are $5m
It’s really a minimum $1-million in net worth (excluding home) to be a qualified or accredited investor, but all that means is that the 1% is coming for the top 10%, too.
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Tinkle Down Economics. Thanks for that Archie!
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Silly question, but what are the actual thresholds (income, total net worth, whatever) that define “the 1%”?
I’d always assumed >$1m net worth (home equity plus savings plus pension and other investments) or maybe around $200k/yr income was not even remotely close to get into the 1%, and the real number is probably closer to $5m and/or a >$300k/yr salary. But what are the actual numbers?
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There are different definitions, but as a rough rule of thumb you can use the financial services industry’s threshold for an Ultra High Net Worth Individual, which is currently a minimum net worth (excluding primary residence) of $30-million in liquid, investable assets. Other measures put the figure at $10-million, or at a steady income of $300k+/year. Age is a factor, too, and of course we’re talking about the U.S.
Whatever defines the 1%, to quote George Carlin, “it’s a big club and you ain’t in it.”
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Roger That!
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The only revolution we’re getting out of the working classes is them rebelling against each other in workplace vandalism, sabotage, and general bitchery, so they can get rid of a fellow employee and get an extra hour or two of overtime at time-and-a half.
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When the people shall have nothing more to eat, they will eat the rich
Jean-Jacques Rousseau
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So he became Gollum instead?
In large part because there are people who are (as evidenced by the quoted tweet) insistent upon scoring own goals, even though it’s overtime in the playoffs:
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Robots don’t get cranky, sick, tired. So they don’t want to have to put up with the rest of us.
I’ll say it again, George Carlin was a fantastic person. We need a million more like him, stat.
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So… still too soon for pitchforks and guillotines?
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As I kid I used to think I’d die before 30 (Cool). Now I know I’ll be working for the rest of my literal life (Sucks).
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Soon the upper middle class will have nothing left and the ultra rich will cannibalize each other. Progress!
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