The Poor Get Poorer, And Poorer
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A few decades ago, songwriter Gus Kahn penned the phrase, "There's nothing surer, the rich get rich and the poor get poorer" as part of the lyrics of "Ain't We Got Fun."
The phrase is now just another cliche, but like most cliches, has considerable basis in fact.
Not only do the rich often get richer, but Americans have great fun watching the ups and downs of men like Bill Gates and Donald Trump.
For instance, in the recent stock market mini-crash -- which followed on the heels of the debacle in Southeast Asia -- the media was quick to point out how many billions of dollars were lost in one day (Oct. 27) by America's wealthiest men (and, in the days following, how much they recovered!)
But what about the poor? Does anyone care about them?
The poor, far more often than not, do get poorer -- but their fate attracts much less attention.
There have been countless How-I-Made-My-Fortune books over the years, and, perhaps, even more How-You-Can-Become-A-Millionaire tomes in the past few decades. But, then again, there are many men of wealth who would rather that you did not know who they are -- or how much they are worth.
Allthough stories about people who tried to become rich, but failed, are common, no one to my knowledge has told the quintessential story of the poor, the truly poor -- how they became poor, and why, ultimately, they always will be poor!
It's common knowledge that wealthy people like to hold on to what they have (For example, John D. Rockefeller used to give out dimes to children and, it's been said, to those seeking a handout. The message was clear: "I got started on a dime, so can you."
On the other hand, anyone familiar with the truly poor can tell you that poor people will give you their last dime (or dollar, if they have one) if they believe you need it more than they do. There are always exceptions, of course, but, in general, poor people are generous to a fault.
The wealthy have their reasons for believing as they do, and -- believe it or not -- so do the poor.
The rich know where their money came from. Generally, they learned early in their lives, largely from family, about what some have called the Miracle of Compound Interest. The principle (which you, of course, know all about) refers to the incredible growth of money invested over a period of years at compound interest rates.
By extension, wealthy people know that one rarely, if ever, becomes rich on wages, or even relatively high salaries. To really accumulate wealth, it takes investments that bear fruit in the form of compound interest, dividends, capital gains, real estate, and other nonlabor intensive investments.
Poor people know little of such things. They may have heard of compound interest, but, if they have, its significance was lost on them. For the most part, poor people come from poor people; they have a long history that tells them it's not likely they'll ever be rich.
So they resign themselves to their poverty and live on their meager earnings from day-to-day with only an occasional sign of dismay about their plight.
Despite their poverty, and the belief that wealth is beyond their grasp, most poor people can boast of a rich and happy life.
I wrote this column as a "My View" for The Hour newspaper of Norwalk, Conn., on Jan. 3, 1998.
The Poor Get Poorer, And Poorer in the News
- Premier League claim wealth gap is closing (Daily Telegraph)
There is a perceived impression that within the top flight of English football the rich get richer whilst the poor are getting poorer - but not so according to the Premier League themselves. 30 hours ago
- Rich get richer, poor get poorer, census results show (CTV.ca)
Now more than ever, Canada's rich are getting richer while the poor get poorer and the middle class stagnates, according to the latest census data released Thursday by Statistics Canada. 2 weeks ago
- Iowa City students poorer, relocate more (The Iowa City Press-Citizen)
More than one of four Iowa City School District students lives in poverty or near poverty, up 46 percent from just five years ago. 3 days ago
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Comments
Thank you, Ralph. You are absolutely right, as usual. Bush, however, is becoming the forgotten man. If I were John McCain I wouldn't go within a thousand miles of Katrina-torn New Orleans. Do people really think you can support Bush and the victims of Katrina at the same time?
Bill..........Once again class warfare from the left. Not to worry if either Hillary or Obama get in There will really be only two classes . The Holoywood elete and the rest of us , and your Nancy P. wants to tax the death out of pensions too. Could be REAL bleak times ahead.
Thanks for commenting, Bob. We poor folk just don't have time to wait for the pennies to trickle down from the filthy rich.
Nancy wants to tax hedge fund operators and stop the Grand Oil Party's subsidies to the international oil companies.
I knew the GOP was aptly named. I'll have to use that more often. Thanks, Ralph.
What an interesting hub topic. Books like Richistan, on the NY Times bestseller list, do seem to reinforce your point that Americans are fascinated by the rich. I do think the Rich Dad, Poor Dad books aptly capture the difference between the wealthy mentality and the poverty mentality. Even though there is a lot of evidence that much of the "factual" evidence presented in that book is actually made up, the principles discussed there are valid and valuable to know. As a small investor I hope my reliance on the miracle of compound interest will help me retire better off...someday. And in the meantime I hope to find some additional income streams.
Thank you, wannabwestern, for your interesting and welcome comment. Having been a reporter and editor most of my life, I've always been fascinated by the subject of "sources" and "attribution." Objective journalism, which I believe is crucial in our society, requires both reliable sources and proper attribution. But if one states that sun is shining, and someone demands a source for that information, it is rarely adequate to state, "I am." So, half in jest, when someone asks me for my source for an obscure fact, I like to say, "I read it in 'Today in History,' the daily feature used by many newspapers that offer facts sans attribution. If the economy doesn't fall entirely through the roof, you should do all right with that compound interest.
Hmmm...interesting! As one who was raised in a developing country a.k.a (derogatory term 3 rd world country), I have insights that would make one shudder. What I know for sure is that Poverty & Wealth are both a mind set! And I can say that because I have seen the best of both worlds'! In Mark 4:25 (KJV) we read: For he that hath, to him shal be given: and that hath not, from him shall be taken even that which he hath." It may appear to be harsh sentiments. I have thought long and hard over this. I have come to the understanding for me that it is given according to my desire and willingness to seek, learn. Because I have the knowledge it is now mine and well it cannot be taken from me!
Truth is there is no such thing as poor! i didn't know I was poor growing up until someone told me and I was fixated on the idea. Before then I was just as happy and any mega billionaire! I like what Bill Shakespeare penned "nothing is good or bad, except our thinking makes it so!"
Great hub William !..
I heard that if we all were given the same amount of money each (say a million pounds). the people who were rich before would become rich again, and the poor will become poor again!!
Interesting comment from Pat in her last paragraph;)
It's true, pat, that poverty and wealth are mind sets, but it's also true that children from poor families tend to have the "poor" mindset while children of the wealthy tend to have the "wealthy" mind set. I, too, did not know I was poor when I was a boy in Yonkers, N.Y. -- but the wealthy sure knew who were poor and who weren't. It is difficult, at best, to change one's mindset and move from one class to another. It's rarely done successfully. Shakespeare was right, of course, but our thoughts are heavily influenced by our social standing and our upbringing. Thanks, pat, for your very thoughtful comments.
Thank you for the compliment, compu-smart. There's little doubt the rich would become rich again -- and the poor would become poor again -- and that relates to that "mind set" pat mentioned. In the United States the wealthy have always made the laws and controlled the business environment. Have you ever seen a poor congressman or a poor senator or a poor president -- or a poor industrialist?
Nope!!!
I would love to be around in a few hundred years time, for the pure reason, to see if things have change for the better or worse!! and what were the reasons!!.
which ever way things turned out, who would be to blame? the people or politicians? or people for voting for politicians!!?
A most interesting hub. I agree with your points - sometimes poor people have far better family values and happiness, not that it is much consolation when you are wondering from where your next meal will come.
Thanks, pjdscott. I find it amazing that poor people can be so happy-go-lucky when, as you say, they often don't know where their next meal is coming from -- or their next gallon of gasoline (if they're lucky enough to have a car.) But I'm afraid the number of poor people is rising almost daily while our economy speeds downhill.
I think we share many of the same opinions and make many of the same points in our writing. You're simply much more diplomatic about it than I. It's an admirable skill.
As I often say when I'm playing golf, ColdWarBaby, "it's a constant struggle." Thanks for your kind remarks.
I think there's an almost Zen element to the "poor but happy" mindset. Thoreau explored it thoroughly in his Walden essay. (Although he was hardly an example of what Pat mentioned above.
Personally I haven't mastered it. We fall well in the middle of the middle class range (isn't that what everyone says?) but find our footing slipping as the economy, inflation, gas, food, and most importantly health care costs skyrocket. This is hitting my family's wallet in a very personal and painful way.
My husband's work is as a collections manager at a fine art museum, so he has more dealings with wealthy folks than the average middle class joe. It is an interesting place to be and observe the mindset of the wealthy. I think you could almost call it "entitlement" or "deserving." Whereas the mindset of the poor is more like "non-deserving" or "non-entitlement," but just my take.
Oh, and sorry I haven't been back for a while but about the attribution thing...Rich Dad, Poor Dad isn't journalism at all. I couldn't agree with you more!
In the 1960's, Wannabwestern, I had a lot of close contact with some of the biggest corporate executives in New York (and that's the world) so I was able to get a good look at their mindsets. They are very personable people, but they are accustomed to being on top of the heap -- and they like it that way. They talk softly, but they carry a big stick.I used to sit at board meetings and think, "Every one of these men (alway "men") could light their cigars with hundred dollar bills and think nothing of it, while I wondered if I had enough for my next meal.
Well put, I couldn't agree more. Some nice people in our circle of acquaintance too. Entitlement carries some negative connotations, so a poor word choice. My husband did some work for one of the millionaires out here, and agonized about what to charge. He finally named the higher price, deciding he was worth it, and the millionaire took the money out of his wallet and paid him cash without blinking. It was a good lesson for us in valuing our skills. It resonates with the "shirt off your back" comment made in your article.
The Poor Get Poorer, And Poorer in the News
- Premier League claim wealth gap is closing (Daily Telegraph)
There is a perceived impression that within the top flight of English football the rich get richer whilst the poor are getting poorer - but not so according to the Premier League themselves. 30 hours ago
- Rich get richer, poor get poorer, census results show (CTV.ca)
Now more than ever, Canada's rich are getting richer while the poor get poorer and the middle class stagnates, according to the latest census data released Thursday by Statistics Canada. 2 weeks ago
- Iowa City students poorer, relocate more (The Iowa City Press-Citizen)
More than one of four Iowa City School District students lives in poverty or near poverty, up 46 percent from just five years ago. 3 days ago
working
Ralph Deeds says:
3 weeks ago
Good hub! I hope you get a lot of hits! Bush may not be totally responsible for the growing gap between rich and poor in the U.S., but he has certainly done his best to accelerate the trend in the United States, not to mention the rest of the world.