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Posted by: Michael Mandel on November 27
Lou Uchitelle, in today’s NYT, has a front page article entitled “Very Rich Are Leaving the Merely Rich Behind.” In it he writes
The opportunity to become abundantly rich is a recent phenomenon not only in medicine, but in a growing number of other professions and occupations. In each case, the great majority still earn fairly uniform six-figure incomes, usually less than $400,000 a year, government data show. But starting in the 1990s, a significant number began to earn much more, creating a two-tier income stratum within such occupations.
I’m honestly not sure why I should care. I actually live in the town that he writes about (Short Hills is officially part of Millburn, where my family and I moved in 1991), and I know full well that a lot of the people I see at the local Starbucks earn a lot more money than me. So what?
Envy is not a pretty emotion. No much how much you earn, there is always going to be someone doing financially better than you. Far better to focus on doing your job well, caring about your family, and helping people in need.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.