Recommended reading: Brad DeLong summons the waaaambulance for a poor, beleaguered University of Chicago professor, with an annual household income of over $450,000 and “less than a few hundred dollars per month of discretionary income”. This fellow is living so close to the financial edge that he fears that Obama’s proposed tax increase will have a catastrophic effect on his lifestyle, not to mention the lifestyles of his gardener and house cleaner.
I want this man on my school’s financial-aid committee. Surely he will be able to see that my family is so down on its luck that we might as well be living in a cardboard box, and he will grant full scholarships to all our children. Then I will have enough income left over to hire a gardener.