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Comments on: H.L. Mencken on the Recession https://www.christianschneiderblog.com/2010/10/06/h-l-mencken-on-the-recession/ Author, Columnist Thu, 14 Oct 2010 21:19:10 +0000 hourly 1 https://wordpress.org/?v=6.7.5 By: ddddd https://www.christianschneiderblog.com/2010/10/06/h-l-mencken-on-the-recession/comment-page-1/#comment-96905 Thu, 14 Oct 2010 21:19:10 +0000 http://www.wpri.org/blog/?p=1501#comment-96905 “The boat we are in is getting some unpleasant rocking from the foundering of the other…”.

This statement is disturbing. While I support capitalism in general, what the truly rich fail to understand is that most people in this country are painfully close to being one of the foundering rather than being in the boat of prosperity.

There are probably 5-10% of people in this country who have enough financial riches so that they can weather any kind of problem. Everyone else is in the situation that a single catastrophic medical event, an unjustified lawsuit, a divorce, an unexpected pregnancy or six months without a paycheck can take them from being in the boat to foundering in the water. So you do everything right, don’t rely on gambler’s luck and make $100,000 a year by the sweat of your brow? Fine, the recession will now cut your earnings by $20,000, and here comes a $150,000 medical procedure that is not “necessary” according to the insurance company but will save your young child from a lifetime of pain. Try working that into your well-planned, thrifty budget.

That’s why it remains important that those in the boat don’t look at those in the water and say, “it’s your fault, I’m not going to help, learn your lesson.” It would be more appropriate to say, “there but for the grace of God go I,” and provide a helping hand and, yes, even a safety net.

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By: John Foust https://www.christianschneiderblog.com/2010/10/06/h-l-mencken-on-the-recession/comment-page-1/#comment-96904 Wed, 06 Oct 2010 16:03:34 +0000 http://www.wpri.org/blog/?p=1501#comment-96904 I don’t get it. Is he talking about reducing the capital gains tax on stock sales?

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