The rich are different
Spending on luxury goods by affluent Americans is forecast to grow by $28 billion in 2010, experts said on Wednesday, and the wealthy are happy despite [because of] most believing the United States is still in recession. ...
[T]he online poll of 1,900 households with an average annual income of more than $235,000 by American Express Publishing and Harrison Group showed 94 percent still believe the United States is in recession.
"Interest in luxury is trending up, but this interest is qualitatively different from the unbridled enthusiasm that characterized ... the mid-2000s," said Jim Taylor, Harrison Group's vice chairman. "People [all people?] take pride in the way they have managed their finances and family through the recession."
"We think it's going to be a pretty good Christmas (for retailers)," he said.
And this pride had led to happiness among the rich, with 71 percent saying they are happy, up from 40 percent in 2007.
"It's because they didn't know they could survive something this bad," Taylor told the Luxury Marketing Council of New York on Wednesday. "They have got competent, they have gotten close to their family, they have self-esteem from their ability to handle a crisis."
"Happiness is now the abiding object of affluent American life, not success," he said. "They're really happy with their ability to operate under pressure."
So, if pressure is what it takes, I guess we should try to make them even happier, then.
Anyhow, this explains why the there's no more stimulus. The people the legacy parties service are happy, so their work is done!
NOTE Since denying the rich their rents makes you happy, and in the United States today, rent seeking is the only basis of wealth, denying the rich
their your rents will, well.... enable them to learn how to be happy in different and better ways that don't involve sucking the blood of their neighbors. It's a win-win!
UPDATE Peter Dorman gives a more abstract view of the same situation.