Not All Wealthy Are Created Equal

Rick Newman of the U.S. News and World report wrote a fantastic blog about the relativity of being rich. Not all rich are created equally, there are several factors that contribute to the label.

Describing the different conditions that determine one's status of wealthy, Newman writes "If you take the more ratified view of the rich - the top 5 percent of earners - then nationwide, their average household income is about $311,000. But that average covers everything from widows living alone to families with three kids in college."

It's a good point to make especially as this election draws to a near with one big question toward Obama's tax policy being how much money makes you rich exactly?

Aside from the fact that it shouldn't matter how much money a person makes because it's our right as a free people to pursue our goals and dreams with the backing of the government not in spite of the government's efforts at wealth containment, a blanket assessment that the wealthy are people who make more than $250,000 is dumb. More than dumb, it's juvenile, and to hear a presidential hopeful say that is only a grand assessment of an ill-conceived policy.

This editorial from the McClatchy-Tribune sums it up pretty nicely.