A December 12 article in the New York Times noted that Republicans, in their latest take on the Cadillac-driving Welfare Queen theme, are working to make sure that unemployed millionaires aren’t allowed to collect unemployment benefits or food stamps.
Every lottery-playing chump knows a million dollars isn’t what it used to be back in the day when the fictional John Beresford Tipton pulled up to the curb and delivered a check in that amount to some deserving individual.
In the world that isn’t trapped in the fifties, you could easily be a “millionaire” if you’ve paid off your mortgage and been saving for retirement for thirty years. But if you lose your job, what are you supposed to eat? Bricks and Mortar?
No bank is going to refinance your mortgage and fork over equity if you don’t have income. That leaves you the option of selling the house in a terrible housing market or dipping into your retirement account and paying the penalties.
Having a million dollars in assets – retirement accounts, your home, your wedding ring and all your worldly goods — doesn’t put you in the top 1%. Far from it. This is just the latest ploy by Republicans to try to appear fair and balanced. They’re not.
They’d rather see you on the street than pay you the unemployment benefits that you and your employer have paid for.