Sunday, October 20, 2002
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THE RICHER AND THE DUMBER:
THE RICHER AND THE DUMBER: I'm sure the Times article that will trigger the most class-warfare accusations is Paul Krugman's cover essay in the New York Times Magazine. I'll reserve judgment until I see Part II. However, the most successful whack-the-rich piece in today's Times is in the Styles section, "Partying Like It's 1999." The article is about how those laid off from the financial sector are blowing off searching for new jobs and burning through their unemployment checks. Here's one example of the stupidity involved:
"In short, a job can just get in the way of enjoying one's unemployment. Consider Vipul Tandon, 28, who said that last summer, as many of his friends lost their jobs and began to go out until the wee hours, he felt left out of the fun because he had to get up in the morning and go to work. So last month, Mr. Tandon said, he quit his job as head of strategic planning for a chemical company to join them. 'It just seems like a good time not to be working,' he explained."
Now, reading this, I have three reactions. The first visceral reaction, which the Times intended, is to think that these people will be "the first ones up against the wall when the revolution comes," to quote Douglas Adams.
The second, libertarian reaction is to realize that these people are not harming anyone in their choices, and who am I to care? For example, the guy in the above paragraph indicates later in the story that he's saved up quite a bit to finance his current decadence. If he wants to blow his savings this way, it's his choice.
The third and final reaction comes from the economist in me, and thinks this provides an explanation for how U.S. productivity growth can be so robust as jobs are being shedded. As a close relative -- who works in the financial sector -- put it to me when I told him about this story, "You know, they don't fire the smart employees first."posted by Dan on 10.20.02 at 10:02 PM