Lots of Rich People Seem to Be in Tough Financial Straits

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Here’s a fairly remarkable poll from Gallup about financial well-being. The direction of the answers is unsurprising: if you earn more, you’re more likely to have enough money to buy the things you need, and less likely to be cutting back on spending.

And yet, of those making over $240,000, a full 10 percent say they don’t have enough money to buy the things they need. And an astonishing 37 percent say they’re cutting back.

I’m not sure what to make of this. Either there are a whole lot of rich people who manage their money really badly, or else this is some kind of statistical artifact. Or maybe rich people consider separate summer and winter getaway homes to be among the things they “need.” It’s a headscratcher.

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You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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