Lonely at the Top One Percent

If only there was something one could do to solve the problem of having too much money.

There is a fair amount of isolation if you are wealthy. We are all taught not to talk about money. It’s not polite to talk about money. In itself, ironically, it’s harder to talk about having money than it is to talk about not having money. It’s much more socially acceptable to say: ‘I am broke. Things are hard.’ You can’t say: ‘I have a ton of money.’ You have to keep a lot of your life private except in small circles.

Meanwhile, Alliance for a Just Society finds that the current minimum wage falls far short of a "living wage".

A living wage is one that allows families to meet their basic needs, without public assistance, and that provides them some ability to deal with emergencies and plan ahead. It is not a poverty or survival wage.

Although $15 per hour is significantly higher than any minimum wage in the country, it is not a living wage in most states. A national living wage for a single adult is actually $16.87 per hour, based on a weighted average of living wages across the country. In 35 states and in Washington, D.C., a living wage for a single adult is more than $15 per hour. In no state is a living wage less than $14.26 an hour.

Update (October 20):  Eric Ravenscraft explains how being poor is too expensive.

Update (October 24):  Some heirs are finding ways to do good with their wealth.

Update (February 4, 2018):  Alex Henderson also explains how living in poverty can be expensive.

It’s a vicious cycle. America’s poor are slammed with costly banking or check-cashing fees, face higher auto insurance premiums and are more susceptible to health problems, yet the one thing that can be improve their material circumstances—a decent job—can be denied to them based on their credit score.