Monday, September 23, 2013

Stupidity Abounds Even Among Progressives – Ezra Klein’s Idiotic Column on How to Manage Your Personal Finance

He Says the Rules Fit on an Index Card – NO NO NO

Americans love the quick fix.  They want to eat a terrible diet, and then want a single pill or simple rule to keep them from getting morbidly obese and seriously ill.  On health care, the government just needs to do “something”.  And on getting rich, gosh just a simple set of rules that can fit on an index card.

From Ezra Klein, normally a reasonable and intelligent fellow at the Washington Post we have this as the way to solve all one’s financial problems.

Harold Pollack's index card.

Yeah, what is on the card is true, and a little redundant.  But it is also vague and unworkable and insufficient.  But the crowning idiocy of Mr. Klein is this comment here.

It's really hard to be poor (see Pollack's amazing interview on how being poor changes the way people think for more on that).

Uh yes Mr. Klein it probably is hard to be poor if you are a white male with a college education, endowed with a high degree of intelligence and have a great job at the Washington Post with a fantastic way above average salary and super benefits like health insurance and a retirement program. 

But try having a mountain a health care bills because you didn’t have insurance.  Or try having huge credit card debt because you lost your job, couldn’t get another one and had to feed the family.  Or try paying off college loans that amount to $50,000 or more on a $30,000 a year income.  Or try getting refinancing on your mortgage because you were sold a teaser loan that now has a huge interest rate and a mortgage on a house that is underwater.

In short Mr. Klein, try living like a large number of Americans do today.  You will find it quite easy to be poor.  Really, you will.  Tens of millions of Americans do it every day, you can to.

No comments:

Post a Comment