There was an article today that I found to be good news, in an off handed way. The article went in to great detail about how high end luxury brands like Gucci and Louis Vuitton and Prada are seeing significant declines in sales of their staple logo items.
You can read the full article here: http://www.washingtonpost.com/business/economy/louis-vuitton-and-guccis-nightmares-come-true-wealthy-shoppers-dont-want-flashy-logos-anymore/2015/06/15/e521733c-fd97-11e4-833c-a2de05b6b2a4_story.html?hpid=z5
One of the main reasons for the decline in sales is that wealthy customers feel uncomfortable wearing such flashy and ostentatious items when others around them are getting laid off and could never afford a bag that costs $5,800.
Why do I think this is good news? Because the most fortunate, economically, around us are starting to feel the great divide in wealth. They are starting to understand how others might feel. This is shown in the drastic slowing down of sales from these stores.
Perhaps, if the wealthiest people of the Country start feeling uncomfortable then maybe they will help solve income inequality. Wouldn’t that be great, having everyone try to solve the problem.
It was Henry Ford who once said that he had to pay his employees well. Why? Because, otherwise they couldn’t afford to buy his cars.
There has to be a better way to get America working again. Yes, we have seen job gains. But, those job gains pay nowhere near the jobs that were lost. Every news publication has stated that the vast majority of the recovery has gone only to the top 1%. It is also widely known and documented that aside from the youth unemployment, there are 10s of millions of 45 year olds and over who can’t find work.
This must change. Hopefully a new president and a new administration will make it happen. President Obama was unable to and he quit trying years ago. The financial advice he was given to boost the economy in 2009 was not to his backers liking, so he chose not to employ it.
This is something I read a while back that I absolutely love. John Rockefeller back in his day was the richest man on earth. In todays dollars and GDP the man was worth $340 Billion. Making people like Bill Gates look middle class. After Rockefeller built Rockefeller Center in Manhattan he and his sons ran their empire from there.
Years later John D. Rockefeller was in the process of handing over the reigns of his empire to his sons. His sons renovated their offices, with 20 foot ceilings, dynamic views and everything top notch luxury.
When John D. walked in and saw what was done he asked his son: “Just who are you trying to impress?”
I love that, the richest man ever on earth not interested in impressing others. Secure people are not interested in impressing others. Which brings me back to those tacky logo LV, Gucci and Prada items. Who do these people want to impress?
I do think it’s a great start if the 0.01% of the Country starts to understand the plight of others there might be, just might be, attainable progress that can be made in ending the Gilded Age.