Last night while perusing the New York Times online, I ran across this little article. It outlines just how difficult it would be for those poor Wall Street executives to live on a measly $500,000 a year. The article spells out the cost of maintaining an executive lifestyle: the cost of a nanny, private school, personal trainer, summer houses, European vacations, charity galas, and so on. The article concludes that at least 1.6 million dollars a year is needed to live comfortably as an executive.
What is troubling to me is that we find ourselves in very difficult circumstances due to (at least in part) the greed of Wall Street. As I noted in a previous post, by the time we begin to emerge from this downturn, as many as 50 million people in the U.S. could be living below the poverty line. That’ll be nearly one-sixth of the U.S. population dealing with the stresses of basic needs like food, housing, and health care.