Why Rich People Can't Afford To Live In America
A U-Chicago law professor reaped the whirlwind with a recent article complaining about how fast his upperclass salary was consumed by daily costs. The article, "We Are The Super Rich," argued that he couldn't afford a tax hike without reducing his cost of living.
Everyone flipped out at the post, of course, and the professor took down the post, apologized and quit blogging.
But was his original claim really that unreasonable? We imagined the life of a rich couple earning $450,000 a year, using budget suggestions from economist Brad DeLong.
Add it all up and they can't even go yachting.
Money remaining: $390,000
Money remaining: $350,000
Money remaining: $290,000
Money remaining: $275,000
Money remaining: $195,000
Money remaining: $140,000
Money remaining: $125,000
Money remaining: $110,000
Money remaining: $100,000
Money remaining: $40,000
Money remaining: $22,000
Money remaining: $18,500
Money remaining: $15,500
Money remaining: $14,500
Maybe law school professors and doctors really do deserve a break.
What about millionaires?