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Michael Farr: The problem with the U.S. economy is there are too many poor people

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Michael Farr: The problem with the U.S. economy is there are too many poor people

A Kelly Center for Hunger Relief volunteer sorts through food for distribution as residents in vehicles wait in line at a church in El Paso, Texas, on July 17.

Joel Angel Juarez/Bloomberg via Getty Images

Are you in the top 1%, 5% or 10% of the U.S. income and wealth scale? If you are, congratulations on being rich and economically successful. Good for you too for not being a big part of our current economic challenges. You’re protected from the headwinds affecting the other 90% of your fellow citizens.

It’s easy to hate the rich for all that they have and all that you don’t, but the rich aren’t the problem.

Most of the rich were rich 10 years ago and have become richer. Most of the rich were rich 10 years ago and have become richer. The rich are good at being rich; they buy expensive houses, cars, planes, and other toys. They hire people and create some jobs but not enough to have a discernible impact in an economy the size of the U.S. A few Americans have been able to enter this top tier, but not nearly enough.

Since the financial crisis of 2008, the Federal Reserve and federal government have […]

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