I am, it turns out, rich. ‘I don’t think of myself as rich. I’m not a billionaire. I’m not a millionaire. I actually consider myself pretty averagely middle-class. But by at least one measure, I’m rich.
I’m hard to buy for at Christmas.
My brother and I were talking about this the other day. We’re not either of us actually rich. But we’re both hard to buy for. There really isn’t anything that I want or need that I can’t afford to buy. House? Paid for. Credit card debt? Nonexistent. Car. Well, we do owe money on our new car. We could have paid cash; instead, we thought we’d finance it, pay it off really fast, take the bump in our credit rating.
We have bills, of course. But my wife and I, if we want to go out to dinner, we just do it. If we want to see a movie, we see it. We’re fairly prudent, fiscally speaking. Love a good deal, love a bargain, still comparison shop. But we’ve really very comfortable. For which happy circumstance, by the way, I deserve exactly zero credit. My wife’s the money manager.
So when my family asked me for a Christmas list, I was at my wits end. Couldn’t think of a thing. I saw a commercial for a dingus that helps you put your socks on more easily; I put that on my list. A sock putter-on-er. There are always a couple of books I wouldn’t mind having. Movie passes. But truly, honestly, I couldn’t think of much.
Which, as it happens, is kind of bad for the US economy.
The US economy is not terribly robust right now. The Great Recession is over, and the economy has recovered, but we’re not exactly at peak growth. And I’m part of the problem. I’m one of the people who is supposed to be driving demand, and I’m not doing it. My generation is really falling down. We have pretty much everything we need. We’re fine. Just today, a book was recommended to me, one I’d like to buy, I think. Checked it out on Amazon; it’s available on Kindle for four bucks. So that’s actually not going to help much.
The Republicans just passed a big tax bill, which they’ve been selling as mostly a middle-class tax cut. It isn’t. It’s mostly for millionaires and billionaires, and people with pass-through business revenues and the CEOs of big corporations. But there is a tiny cut for guys like me, the middle-class wealthy. We’ll make a few hundred extra dollars this year. If we spend it all, the theory is that that money will trickle-down to the hewers of wood and drawers of water in our country. And everyone will benefit. Yay.
Except I probably won’t. ‘Cause, see, I’m kinda hard to buy for.
That’s why a supply-side approach to stimulating growth won’t work, not now, not in this country. It’s a silly notion anyway. Increasing supply will not increase demand. What we need is a tax cut for the lower class. They got demand covered; all kinds of things they need. What we need is to put more money in the pocket of those folks who need stuff. We need a demand-side recovery, funded by tax hikes for the super rich.
Right now income inequality is higher in the United States than it was in France in 1789. The big difference between then and now is that our sans culottes are better armed. This Republican tax bill is nuts on a whole bunch of levels.
So what I actually want for Christmas this year is an electoral wave. What I want is fewer Republicans in Congress to write dumb bills like this one. Getting that to happen is going to cost some money, and thanks to this bill, I may have it to give.
What I want for Christmas is a midterm landslide. And thanks to Republicans, I may actually get it.