A Rich Awakening

Soraya Roberts | Longreads | April 2019 | 9 minutes (2,392 words)
We all the know the stats, that by 2030 the richest 1 percent could be hoarding two-thirds of the world’s wealth. Tax the rich! Redistribute to the poor! It’s the kind of thing you hear lately set to some lame music in a weirdly cut NowThis News video of Alexandria Ocasio-Cortez or Rutger Bregman. (It’s always some scrappy progressive, not some bloated billionaire because, I don’t know, *yawns, eats some cake.*) Perhaps the rich will be moved by the fact that income equality is not only bad for the collective mental health, but their own? No? That the 10 percent’s multiplying accessories — private jets and yachts and enormous holiday homes — hogs nearly half the world’s emissions, killing the earth we all share? No? Nothing? What’s that you say, infrastructure investment started plummeting just as inequality began rising? But all the philanthropy! Which, sure, America’s largest donors may give a little more than before, but they also make way more than they used to. And as Jacobin magazine recently noted, “those nations — mostly in Scandinavia — that have the highest levels of equality and social well-being have the tiniest philanthropic sectors.” When you have equality, you don’t need long Greek words.
To recognize this, as a rich person, you need to have a sort of reverse double consciousness. “Double consciousness” originates with W. E. B. Du Bois, one of the founders of the NAACP, who coined it in 1897 as one way to describe the experience of being an African American in a white supremacist world. In The Atlantic Monthly he defined it as, “…this sense of always looking at one’s self through the eyes of others….” The concept is based on being oppressed. What I’m talking about is an inverted version based on being the oppressor. It is the recognition that not only do you have outsized means, but that they come at the expense of others. It requires not only self awareness, but other awareness, and it’s a prerequisite for change.
Roy Disney’s granddaughter, Abigail, for instance, has given $70 million away over the past four decades, which is more than she ever inherited. “The problem is that there’s a systematic favoring of people who have accumulated an enormous amount of wealth,” she tweeted after a viral appearance on CNBC last month in which she said CEOs were overpaid. “The U.S. must make structural changes by taxing the wealthy.” To say that, she had to have had some kind of awakening — but what was it? In her case it was a sudden burst of extraordinary wealth and its human toll — not on others, but on the wealthy themselves. In 1984, when the heiress was in college, Michael Eisner became the chairman and CEO of Disney and launched its stocks into the stratosphere. Abigail’s father embraced the excess income — the too-big private jet, the too-much drinking — and no one questioned him, not even about his alcoholism. “That’s when I feel that my dad really lost his way in life. And that’s why I feel hyperconscious about what wealth does to people,” she recently told The Cut. “I lived in one family as a child, and then I didn’t even recognize the family as I got older.” Read more…
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