Megan McArdle is officially the Paganini of the world’s smallest violin playing just for the not-quite-rich-enough folks.
When middle-class people lose their jobs, they need to suck it up and admit that they’re too fucking soft and lazy to live in dormitories like REAL workers do in China. They need to accept cuts to their health care and retirement funds and if they complain about it, they need a lecture on morality from Daddy Bobo.
When people making 400K get bumped down to 300K, it’s a three-hanky tragedy.
Tell me again that Robespierre didn’t have a point.
Update. Megan front-pages some wise words from a commenter:
Another factor I’ve noticed with my bankruptcy clients is that a very rich person whose income takes a sudden precipitous drop to a still-pretty-good income can actually wind up in more financial trouble, faster, than a very poor person whose income drops to zero. If you were making $300k a year and spending $200k of it on fixed expenses, and your household income drops to $125k a year, unless you have substantial liquid savings or are able to sell your house and your car and your boat yank your kids out of private school REALLY fast, you’re going to wind up in bankruptcy in a fairly short space of time. A person who was making $18k a year and suddenly finds themselves making nothing, as a practical matter, can often break their lease and move in with mom and get on food stamps until a new job materializes and wind up with only a couple thousand dollars in debt. Not that it’s not still ultimately much better to be the rich person, but the rich person does get hit with a more panic-inducing financial calamity in the short term.