There is one stage of "rich" that has to choose between various excesses -- not enough for all things without consideration. Another yacht or that huge diamond? A private jet or another 6,000 square feet in the mansion? At this stage, the operative word is "or". They have a lot more money than they need, and even have to work at spending it all, but they still know how much things cost to make choices. Although they may not know what a gallon of milk costs, it is very likely that they know how much they are spending on groceries per month (but the total percentage may be insignificant).
The penultimate stage is only a matter of "and" -- "or" is unnecessary. They don't know how much things cost because it doesn't matter. In a lot of cases, they don't even know how to pay for things because others do it for them; their activities, including purchases, just happen without their awareness of what happens in the background. This is particularly true for those from inherited wealth. These politicians, and other wealthy individuals, couples, and families are truly ignorant of the realities of life for the 98% of the population.
So, they should be happy, shouldn't they? As Paul Simon said in his song, Richard Cory, written in 1965 and recorded in the album, Sounds of Silence, by Simon and Garfunkel, it isn't quite so straight-forward:
They say that Richard Cory owns one half of this whole town,
With political connections to spread his wealth around.
Born into society, a banker's only child,
He had everything a man could want: power, grace, and style.
.
With political connections to spread his wealth around.
Born into society, a banker's only child,
He had everything a man could want: power, grace, and style.
.
.
.
He freely gave to charity, he had the common touch,
And they were grateful for his patronage and thanked him very much,
So my mind was filled with wonder when the evening headlines read:
"Richard Cory went home last night and put a bullet through his head."
He freely gave to charity, he had the common touch,
And they were grateful for his patronage and thanked him very much,
So my mind was filled with wonder when the evening headlines read:
"Richard Cory went home last night and put a bullet through his head."
When an individual, or group, no longer has any survival needs to satisfy, they have to find, or create, anchors to reality. This can be seen by the situation of many famous artists who are catapulted into riches and fame and end up killing themselves via unregulated excesses. I cannot speak to the mind of Paul Simon about how he envisaged the person behind Richard Cory but it is apparent that Richard Cory did not have sufficient reasons to keep going.
When the great imbalance in income inequality occurred prior to, and precipitated, the Great Depression, many suicides occurred because they did not know how to function as merely "rich" (losing 90% of $100 million still leaves $10 million).
Some people create anchors that are not particularly healthy -- and which have the danger of being accomplished and no longer sufficient. This includes greater and greater accumulation (of wealth, property, power, ...) which never satisfies and is, at heart, an addiction -- treating the economic system as a game in which they want to come out as "winners" (and create the most "losers"). Sometimes it is internal political intrigue such as happened with the Medicis of Florence (now part of Italy). Many times an income overflow includes visible excesses.
Healthier options attempt awareness of the lives, and needs, of the rest of the population. This may be anchored via religious, or spiritual, beliefs. It may be from an intellectual recognition of needs and realities. Or it may arise from a conscience which realizes that their fortunes are based solely on the efforts, and labors, of others.
No matter the basis of the anchor, it is needed to redistribute the excess in order to stay healthy. Foundations, charities, donations, university chairs, inheritance taxes, properly progressive tax structures, and increasing employee wages and benefits to living wages are all part of the pool of methods to relieve the pressures that build up with income inequality and concentration.
