Poverty: The Poor Get Poorer, and Poorer
Graduated NYU ter 1964. Worked te NYC for Two years ter public relations then spil reporter and editor before retiring from The Hour newspaper.
‘Ain’t Wij Got Joy’ Sheet Music
John D. Rockefeller & John D. Rockefeller Jr.
A few decades ago, songwriter Gus Kahn penned the phrase, “There’s nothing surer, the rich get rich and the poor get poorer” spil part of the lyrics of “Ain’t Wij Got Joy.”
The phrase is now just another clichГ©, but like most clichГ©s, has considerable ondergrond te fact.
Not only do the rich often get richer, but Americans have good joy watching the ups and downs of boys like Bill Gates and Donald Trump.
For example, te the latest stock market mini-crash — which followed on the high-heeled slippers of the instorting ter Southeast Asia — the media wasgoed quick to point out how many billions of dollars were lost ter one day (Oct. 27, 1997) by America’s wealthiest dudes (and, ter the days following, how much they recovered!)
But what about the poor? Does anyone care about them?
The poor, far more often than not, do get poorer — but their fate attracts much less attention.
Innumerable ‘Get Rich Quick’ Books
There have bot uncountable How-I-Made-My-Fortune books overheen the years, and, perhaps, even more How-You-Can-Become-A-Millionaire tomes te the past few decades. But, then again, there are many guys of wealth who would rather that you did not know who they are — or how much they are worth.
Albeit stories about people who attempted to become rich, but failed, are common, no one to my skill has told the quintessential story of the poor, the truly poor — how they became poor, and why, ultimately, they always will be poor!
It’s common skill that wealthy people like to hold on to what they have (For example, John D. Rockefeller used to give out dimes to children and, it’s bot said, to those seeking a handout. The message wasgoed clear: “I got began on a dime, so can you.”
On the other palm, anyone íntimo with the truly poor can tell you that poor people will give you their last dime (or dollar, if they have one) if they believe you need it more than they do. There are always exceptions, of course, but, ter militar, poor people are generous to a fault.
The wealthy have their reasons for believing spil they do, and — believe it or not — so do the poor.
The rich know where their money came from. Generally, they learned early ter their lives, largely from family, about what some have called the Miracle of Compound Rente. The principle (which you, of course, know all about) refers to the incredible growth of money invested overheen a period of years at compound rente rates.
By extension, wealthy people know that one infrequently, if everzwijn, becomes rich on wages, or even relatively high salaries. To indeed accumulate wealth, it takes investments that bear fruit te the form of compound rente, dividends, hacienda gains, efectivo estate, and other non labor-intensive investments.
Poor people know little of such things. They may have heard of compound rente, but, if they have, its significance wasgoed lost on them. For the most part, poor people come from poor people, they have a long history that tells them it’s not likely they’ll everzwijn be rich.
So they resign themselves to their poverty and live on their meager earnings from day-to-day with only an occasional sign of dismay about their plight.
Despite their poverty, and the belief that wealth is beyond their grab, most poor people can boast of a rich and glad life.
I wrote this katern spil a “My View” for The Hour newspaper of Norwalk, Conn., on Jan. Three, 1998. I now write my views on a broad diversity of topics on HubPages.