The 1 % Mentality – Is It Foolish?

“Resentment is not morally superior to earning money.” 

Interesting quote. I read this citation in the April edition of Fortune Magazine. The article focused on Republican Mitt Romney’s Hedge Fund Kingmaker, Paul Singer—a billionaire who is part of the 1% (Billionaires whose fortunes balloon by exploiting the other 99% of average working Americans). His quote virtually says he does not express any annoyance at the lack of earning power by the 99% and that making a fortune is morally superior.  

Judge that for yourselves. 

According to Fortune, Singer is the founder of a $19 billion hedge fund called Elliott Management. Now, I won’t focus on Singer’s political and moral views because they fall outside the scope of this blog. However, the article affirms that he places more value on paper than he does people. This may be true if Fortune cited him accurately on another quote, which said, “Moral failing is the depreciation in paper money’s value.”  

Again, judge that for yourselves. 

Therefore, where stands the 99% in his view according to Fortune? 

Undervalued and Underpaid. 

Here is an illustration of what all this means. According to the non-profit organization Brave New Foundation, “In just the last generation the richest 1% nearly quadrupled their incomes and the average wealth of the 1% is 225 times bigger than the wealth of the typical household—the highest it’s ever been.” The organization further argued that “Three decades ago, CEOs made about 40 times as much as an average worker – now CEOs make almost 200 times as much as regular employees.” Whether or not these findings are true, it makes for an interesting and heart-wrenching debate. 

Brave New Foundation may have a legitimate dispute. In 2011, Disney’s CEO, Robert Iger was listed as one of the new CEOs who eclipsed $50 million—according to an article in USA Today. In the same year, Disney cut back 5% of its worldwide workforce due to Iger restructuring the studio for Walt Disney Co—according to an article in the Los Angeles Times. Is there justification for this?  

Judge that for yourselves. 

So, herein lies the question. Is the 1% mentality foolish? Are the richest men and women in America wise in their voracious pursuit of money at the expense of the middle and lower class workers? Is it wise for CEOs and corporate gurus to swell their accounts, while average workers slave in a sweatshop—making them rich? (…more on the sweatshop in an upcoming blog).

Here’s how I experienced the hush in the midst of this kind of hardship.

The Lord's opinion consumed my thinking. I began to have peace when I understood that materialistic things do not define me. God does. Cars rust. They depreciate. Money has wings. It flies away even before it reaches your wallet/purse. Houses settle and cracks form in the walls, floors and ceilings. Either time gets to our "stuff" or thieves do. The more you have, the more others try to take from you.

The Lord told the people He taught, "Be careful to guard yourselves from every kind of greed. Life is not about having a lot of material possessions," (cf. Luke 12:15).

I think it's safe to say, greed has destroyed America.

The Lord also has a damning conclusion for those who spend their lives trying to hoard all the money they can get, while disrespecting those who plow their fields for them. It's judgment (cf. Luke 12:20-21). In God's opinion, the 1% are foolish (cf. Luke 12:20).

Feeling Undervalued and Underpaid?

Worry not about the rich who take from the poor. They will ultimately reap everything they have sown. Every dog has his day—and that includes the 1%.

Be at peace.

Blessings.