I don't know about you, but I could make do with only $1 million or $2 million a year. I bet I could cut a few corners and still pay my bills with those measly sums. Apparently, though, a mere millionaire's lifestyle doesn't work for certain folks, as The New York Time's Paul Krugman notes today.
Last year, according to Institutional Investor’s Alpha magazine, James Simons, a hedge fund manager, took home $1.7 billion, more than 38,000 times the average income. Two other hedge fund managers also made more than $1 billion, and the top 25 combined made $14 billion.Why does this matter?
How much is $14 billion? It’s more than it would cost to provide health care for a year to eight million children — the number of children in America who, unlike children in any other advanced country, don’t have health insurance.
That's the Bushies Law: Send more money to those who don't need it by cutting taxes for the superrich and keep yelling about how the U.S. doesn't have the money to take care of our children. Yup, that's America for you. Ignore the poor. Help the rich.
Are you as outraged as I am? Talk about hogs.
Alas, the Krugman column is hidden behind The Time Select paywall.