To the Point
When the Wealthy Sneeze, the Economy Catches Cold
The wealthiest Americans are a changing breed as conservative savers turn into manic spenders. What does that mean for the rest of us? Can government programs be sustained?
By Warren Olney • • 50m ListenThe wealthiest Americans are a changing breed as conservative savers turn into manic spenders. Risk-taking millionaires can find themselves living out of their cars. What does that mean for the rest of us? Can government programs be sustained if they depend on taxing the least stable segment of the consumer economy? Also, the future of the US presence in the Gulf after the Iraq War, and the real story behind the latest Medal of Honor.
Banner image: Sailboats from the local yacht club race as waves break over the breakwater at Santa Barbara Harbor in Santa Barbara, California. Photo by Stephen Dunn/Getty Images
In this episode
3 storiesFuture of the US Presence in the Gulf after the Iraq War?
In Baghdad today, the US flag was lowered as America's military headquarters was finally closed down. Defense Secretary Leon Panetta presided . Acknowledging the high cost paid by both Americans and Iraqis, he affirmed that their lives were not lost in vain.
Read the story8 minMarines Embellished Medal of Honor Story
At a White House ceremony in September, former Marine corporal Dakota Meyer received America's highest award for valor, the first Medal of Honor for a living Marine since the Vietnam War. He deserved it, but never did all of what President Obama told the audience.
Read the story35 minWhen the Wealthy Sneeze, the Economy Catches Cold
Democrats have given up on taxing millionaires to finance payroll tax cuts, but just for the moment. President Obama is clearly zeroing in on "the 1 percent." With economic inequality at record levels, there's growing pressure for the wealthy to pay more for government programs. But how much more?
Read the story8 min
