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A lukewarm read on the class differences
on November 17, 2015
Pros: It was kind of fascinating to see how the nouveau riche make their fortunes and how they spend it. The author threw in just a bit of back ground as to how the 1% got so rich and the decline of blue blood wealth following the rise of the new rich. It was also interesting to see how precarious a lot of this new wealth is i.e it can all be lost via over spending or a bad investment move.
Cons: Kind of disgusting that there are actually people out there who have an entire staff to do everyday things the rest of us do. The author sort of makes a case as to why the wealth boom is positive via the onslaught of service jobs but still kind of doesn't really get into how this is bad for the rest of us in the long run. there is a mention of money corrupting politics which is a valuable observation. I would've liked to read more about the danger of too much too soon and what it can do or is already doing to our fragile economy particularly to the education system and healthcare system. The author touches on important economic topics but he isn't an economist so I understand the approach.
Conclusion: the author dabbles on in depth topics but only offers teasers which was a trifle disappointing. I think with some more research and conviction he would've had a solid read. Instead he tried to play neutral and delivered a slightly lackluster account on the state of affairs regarding wealth and class. Note also this book was written before the Great Recession of 2008 so it is a tad out of date. This book both piqued my interest and left me a bit annoyed at how the middle class is being squeezed and a select few are getting wealthier and wealthier with not enough political or socioeconomic explanations as to why.