The Curse of Wealth

                        The Curse of Wealth

New York Magazine published a cover story a while ago declaring that, in the age of President Trump, all the new "it" kids in Brooklyn (most are well into their 30s) are avowed socialists. And the problems with wealth never stop; not only is competition destructive, but money itself also harms the owner.

The new generation of Brooklyn cool kids have low-paying editorial jobs at digital magazines like the (now defunct) Outline, Deadspin or Jacobin, a magazine with an almost inexplicable understanding of history. Most of them were white women, the most oppressed class.

The NYT has published a story about a handful of wealthy heirs who have embraced the socialist credo, and who see their inherited wealth as a symbol of shame, not a blessing.

25-year-old Sam Jacobs, for example. Described as "a socialist since college", he reportedly sees his family's "'extreme plutocratic wealth' as both a moral and economic failure".

"I want to build a world where someone like me, a young person who controls tens of millions of dollars, is impossible," he said.

Fortunately for Jacobs, his grandfather was one of the founders of Qualcomm, the ubiquitous chipmaker. And even if he gives $30 million away, he'll still have another $70 million or so coming to him over the course of his lifetime. And, fortunately for him, he can do what he wants with his money.

30-year-old Rachel Gelman is another example. Her wealthy family gave generously to liberal causes growing up. Now, as a 30-year-old preparing to inherit millions from her parents, Gelman is trying to find a way to "give back" since most of her family's money "comes from stocks...which means it comes from underpaying and undervaluing working-class people, and that’s impossible to disconnect from the economic legacies of Indigenous genocide and slavery." Again, wonderful. She can do what she wants with her money.

Liberty is extraordinary. But my bet is that Sam and Rachael have bigger intentions. People, of course, have a right to do whatever they want with their money. That same freedom does not allow them to do what they want with yours.