ELECTION DAY 2008:........... Barack Obama, the next President of the United States of America

Bill Kwon is the embodiment of the American dream. His father - who was arrested by North Korean Communists in the early 1950s for championing democracy -brought the family from Seoul to Illinois when he was a baby. Bill worked himself ragged pursuing every opportunity America's heartland offered, neverleaving Peoria.
Just out of college, he was earning a six-figure salary at a telecom company and sleeping in his parents' basement. Now he's a wealth advisorearning $375,000 at Morgan Stanley (MS,Fortune 500), witha five-bedroom brick home, a minivan, a son in private school, and three younger kids to follow. "My dad never made more than $25,000 a year," saysthe burly, outgoing Kwon, 39. "When I was a kid, this was the top neighborhood in Peoria. I never thought I could live here."

For all his blessings, Kwon gets really steamed when politicians and pundits claim that he and other Americans in his income group aren't shoulderingtheir "fair share" in taxes and should pay more. Nor does he appreciate being branded as "rich" when it's far from certain he'llever build the kind of lavish nest egg the truly wealthy enjoy, especially after the current market meltdown. "I'm not a trust-fund baby," saysKwon. "Raising taxes for people at my income level is like being punished for success, for working hard." Kwon's total tax bill is already morethan $100,000, and the bite is taking an ever-rising share of his raises and bonuses, not to mention his wife's income as a photographer. Kwon fears thatAmerica risks killing the incentive for people like him by shrinking the rewards for logging extra hours or starting a business, diminishing the dream thatbrought his father from Korea.

The Kwon family has plenty of company, representing an income group comprising five million households that earn between $250,000 and $500,000 a year andpay a large chunk of it back in taxes. These folks aren't America's hedge fund managers, investment bankers, or CEOs - who boast net worths in themultimillions and qualify as rich right now. Instead, these are the doctors, consultants, and attorneys, the marketing managers and CIOs, the owners of realestate agencies and security firms. They write the contracts, inspire the sales teams, and integrate computer systems. They own many of America's smallbusinesses. A man aspiring to join this cohort, nicknamed Joe the Plumber, has put a face on a big issue in the presidential campaign: Whether it's fair orwise to raise taxes on the powerful job engine of America's corner stores, maintenance firms, and yes, plumbing contractors.

This is the world of the HENRYs, an acronym we'll use to describe people whose financial situation can be summed up by the phrase "high earners,not rich yet." (I coined the term for a Fortune story in 2003 on the alternative minimum tax, or AMT, the bane of the HENRYs.) Put simply, theHENRYs are the bulwark of the professional and entrepreneurial class that drives the economy. Look in the mirror, Fortune reader, and you'llprobably see a HENRY.

They are relentless strivers. Aspiring HENRYs played by the rules and did everything right: They won the best grades in high school, got accepted at goodcolleges and grad schools, and worked daunting schedules as medical interns or associates in law firms. They're an upwardly mobile group: Most HENRYs usedtheir talent and grit to advance from the middle class, and those who got a hand from affluent parents are determined to do even better for their kids.

"These high earners may come from privileged, upper-middle-class backgrounds or be the children of immigrants," says Phillip Cook, a financialadvisor in Torrance, Calif. "What they have in common is that they worked incredibly hard to build their careers and work incredibly hard to moveahead." Now this group of superachievers is being targeted as a cash machine. Barack Obama, the Democratic presidential nominee, has pledged to pay formiddle-class tax cuts and credits by raising taxes on the HENRYs. "It's time for folks who make over $250,000 a year to pay their fair share,"Obama has declared regularly on the campaign trail.

Obama and the congressional Democrats frequently refer to households earning over $250,000 as the "rich" and the "wealthiest Americans."But whether the HENRYs are truly "rich," or ever will be, is debatable. In Fortune's interviews with two dozen HENRYs from Charlotte to Concord,Calif., what emerged was a portrait of families a world away from the private jets, luxury vacation homes, and heated garages with Bentleys and Porsches linedup headlight to headlight that typically represent America's vision of "rich."

Kelly Lynch, the owner of a commercial maintenance company in Redondo Beach, Calif., is raising two kids with her partner, Jill Fenske, on a householdincome of $400,000. She's saving $800 a month for the children's college fund and $4,000 a month for retirement - a number that someday might make herrich. "If I blew my money like other people, I'd feel rich," says Lynch. Her views on taxes are befitting a born entrepreneur: "I think itwould be unfair if someone tried to raise my taxes," says Lynch. "I don't think people should be penalized because they earn more."

Sure, it's hard to weep for families that earn more than 98% of American households, especially when median family income stands at $50,000 and themiddle class is getting pummeled by falling home and stock prices. Unlike millions of Americans, most HENRYs don't need to worry about making the nextmortgage or credit card payment. Still, HENRYs are getting a bad rap from those who lump them in with America's conspicuously wealthy.

While there's no consensus definition of how much wealth or income makes someone rich in America, here's a reasonable proposal: Many Americans wouldconsider a family wealthy if it enjoyed either a large net worth today, something on the order of $3 million, or an income big enough to pay for a luxuriouslifestyle - with enough left over to save for a comfortable retirement. The $3 million figure would generate around $200,000 in income, plenty to retire ontomorrow. If a couple in their 30s, 40s, or 50s has the option to stop working and live on their ample savings - call it "take this job and shove it"money - they can definitely be classified as rich. The HENRYs don't rate as rich by either standard. They're mostly two-income families. And even withtwo incomes they don't earn enough for luxurious lifestyles, and their savings don't remotely approach the take-this-job level.

Hit hard by taxes

The reason the HENRYs are strapped for both lifestyle and nest egg is twofold: First, they already face a large and rising burden for federal, state, andproperty taxes plus the knife of the AMT. "Taxes are by far my biggest expense," says Kwon. Second, the HENRYs invest heavily in a distinct set ofhigh-grade staples that, in effect, defines them. They're all about the kids: saving for private colleges, paying for day care - practically a must,because Mom and Dad are both working - and providing dance, tennis, or gymnastics lessons. These might be seen as luxury items by middle-class workers, butthey're absolute necessities to the HENRYs. The big tax bite and what they consider investments in their kids chew up most of the HENRYs' incomes,leaving little for either extravagant living or, in many cases, saving for an affluent retirement. Indeed, the HENRYs consider themselves "well off"and "successful" but nowhere near "rich."

"Wealthy people are those who have lots of cash reserves and don't have to go to work," says John Selden, 35, a dentist in Charlotte with afamily income of $350,000. Adds David Twa, county administrator of Contra Costa County in California (salary: $250,000): "I feel middle class. To me, richis people with golf-club memberships." Tony Molino, 50, an attorney in Rancho Palos Verdes, Calif., speaks for legions of HENRYs: "I've worked 50to 60 hours my entire life, and I don't have a lot left over at the end of the month. I'm comfortable, but when Joe Biden talks about sucking it up,getting patriotic, and paying more taxes, I get livid."

The HENRYs interviewed by Fortune indulge in virtually none of the toys that brand families as rich. "I eat fast food and take my kids tosoccer," says Kwon. Marie Hoffman, a realtor in Hermosa Beach, Calif., keeps hearing about what affluent Americans are supposed to be buying and swearsit's not her. "I see $1,400 dresses advertised in Oprah's magazine, and I can't imagine anyone buying a sheath to wear to work at thatprice," marvels Hoffman.
 
Originally Posted by Dirtylicious

Originally Posted by therealjondoe

so why is we arnt allowed to use the term rap.e when discribing prices?
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is it unpleasent?
why are we not allowed to talk about drugs on here?
but we can talk about taking the life of the 1st black president...
1. we're not revisiting that subject again.
2. it's illegal and against the rules
3. he is the president. assassination attempts are inevitable and a fact of life for the president. him being black has nothing to do with it.

and I'm sorry...but I'm not about to continue to debate on the ethics of the board when you've been warned for requesting pics of a woman who got raped

end of discussion......at least from my end it is
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Originally Posted by chitown4eva

There were only two realistic choices and the blacks that voted for Obama sided with him as a candidate that they most identified with, and yes, that includes the color of his skin.
And I will absolutely NOT apologize for being black and voting for a black president.
I voted for Obama and him being black was absolutely a factor.
And if all whites voted for McCain using the same logic, what would they be called?

All whites didn't, some DID. Same goes for Barack and blacks. You're just trying to argue, something I'm not with at all so this might be my last response.

And if all things were equal, and everyone were on the same playing field regarding race, gender and religion, that argument would make sense. The white man vote is a given/a right. The minority and woman vote were earned and sacrificed for. The psychological barrier of blacks voting was just about overcome with the very real opportunity to elect a black president.

Please tell me you're black...
Stop it... just stop.

I had more typed up but I realized there's a lot more to say about your post, and to try to sum it up real quick wouldn't do justice to what you typed out, which was very well said for the most part.

I'll try to get back to this later, but thanks for your respectful (except for the beginning) response. I think you missed a lot of what i was going for however, and I'll try to show you what I mean later on when I get a second.

No, I won't stop. If you're gonna speak on black issues/history, even when those links to that time and very well alive and active, its fair to ask if you're black. As a black man, I'm tired of others telling to forget my history or make it irrelevant, how I should talk, and what I should believe. No one is gonna try to out-talk/out-debate me from being an individual, an American citizen, and most importantly (thanks to premium AMERICA put on skin color) a black man. I know the importance of this event to my people. No one can change nor minimize that.

Trust me, I didn't miss a thing you're trying to get across. I understand the ignorant and uninformed vote. It's wrong, yes, but what election in the history of this country has been based on facts, integrity, honesty and knowledge? You're asking the people to be honest and have integrity when the candidates can't even run on their own merits (tearing down their opponent) and the system is corrupt and flawed from the ground up.


I know they fought for the RIGHT to vote and equality amongst all citizens. But what good is the right to vote when your vote is suppressed, not counted, when you're being misled and or forced away from the polls,...? What good is the right to vote when you aren't represented in ALL facets of the government? America created the race and gender barrier, so it IS celebrated, among those who it directly affects, when that barrier has been penetrated.

People are celebrating history being written, not the work Obama has yet to complete.
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Originally Posted by JDB1523


Originally Posted by Dirtylicious

good grief .....keep thinking it's some sort of bias...
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as if we want obama killed....please, get real.

you don't see the 50+ threads that were started about the election results from last night to today.. why?...b/c most of them are hidden.
there's an election thread.....that's why the others are being closed...that's it.


the assassination of a president, as unpalatable a subject it is... is indeed a valid subject(there have been many assassination attempts on presidents)...and it was started well before the election results were in....why should it be closed?...just b/c you happen to find the subject unpleasant?

so why is we arnt allowed to use the term rap.e when discribing prices?
grin.gif

is it unpleasent?
why are we not allowed to talk about drugs on here?
but we can talk about taking the life of the 1st black president...


sorry teacher i was typing fast
 



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Democratic presidential nominee Senator Barack Obama speaks at a campaign rally in Fayetteville, North Carolina, October 19, 2008. (REUTERS/Jim Young)

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Democratic presidential hopeful, Sen. Barack Obama, D-Ill., speaks to a crowd of 75,000 at Waterfront Park in Portland, Oregon, Sunday, May 18, 2008. (AP Photo/Chris Carlson) #

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US Democratic presidential candidate Illinois Senator Barack Obama on the tarmac near his campaign plane in Reno, Nevada, September 29, 2008. (EMMANUEL DUNAND/AFP/Getty Images) #

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Democratic presidential candidate Sen. Barack Obama is silhouetted as he speaks at a rally in front of Morrill Hall at the University of Nevada at Reno in Reno, Nev. Tuesday, Sept. 30, 2008. (AP Photo/Alex Brandon) #

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A woman is overcome with emotion after meeting Democratic presidential candidate Illinois Senator Barack Obama at a rally on October 3, 2008 in Abington, Pennsylvania. (STAN HONDA/AFP/Getty Images) #

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US Democratic presidential nominee Senator Barack Obama is reflected in a teleprompter as he speaks at a campaign rally in Philadelphia, October 11, 2008. (REUTERS/Jim Young) #

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Democratic presidential candidate, Sen. Barack Obama is shown on television screens during the final presidential debate with Republican presidential candidate Sen. John McCain at Hofstra University in Hempstead, N.Y, Wednesday, Oct. 15, 2008. (AP Photo/Jae C. Hong) #

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Democratic presidential candidate, Sen. Barack Obama waves as he arrives at a rally in Henderson, Nev., Saturday, Nov. 1, 2008. (AP Photo/Jae C. Hong) #

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Democratic presidential candidate Illinois Senator Barack Obama walks from his plane on October 3, 2008 after arriving in Philadelphia, Pennsylvania on his way to a rally in Abington, Pennsylvania. (STAN HONDA/AFP/Getty Images) #

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Senator Barack Obama takes the ball to the hole as Reggie Love, green jersey, former Duke basketball player, left, and Chris Duhon, former Duke basketball player and now NBA Chicago Bulls player, during a pick-up basketball game on primary day in Chicago, Tuesday, May, 20, 2008. (Doug Mills/ The New York Times) #

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Democratic presidential candidate Sen. Barack Obama waves to the crowd at a rally in the rain at the University of Mary Washington in Fredericksburg, Va. Saturday, Sept. 27, 2008.(AP Photo/Alex Brandon) #

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Supporters of Democratic presidential nominee Senator Barack Obama (D-IL) listen to his speech during a downpour during a campaign rally at the University of Mary Washington in Fredericksburg, Virginia September 27, 2008. (REUTERS/Jason Reed) #

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US Democratic presidential nominee Senator Barack Obama is reflected in the countertop as he places an order at a deli during a campaign stop in Ft. Lauderdale, Florida, October 21, 2008. (REUTERS/Jim Young) #

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US Senator Barack Obama addresses the crowd on day 4 of the Democratic National Convention as it concluded at Invesco Field in Denver, CO on Thursday, August 28, 2008. (Yoon S. Byun/Globe Staff) #

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US Democratic presidential nominee Senator Barack Obama leaves a campaign rally in Philadelphia, October 11, 2008. (REUTERS/Jim Young) #

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Democratic presidential nominee Senator Barack Obama shares a moment with his wife Michelle on stage at a campaign rally outside the Detroit Public Library September 28, 2008. (REUTERS/Jason Reed) #

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Democratic presidential candidate Sen. Barack Obama speaks during a rally in Charlotte, N.C., Sunday, Sept. 21, 2008. (AP Photo/Chris Carlson) #

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Democratic presidential candidate Sen. Barack Obama listens as storm clouds gather, while he is introduced by Democratic vice presidential candidate Sen. Joe Biden at a rally at the University of Mary Washington in Fredericksburg, Va. Saturday, Sept. 27, 2008. (AP Photo/Alex Brandon) #

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Democratic presidential candidate Illinois Senator Barack Obama is photographed October 3, 2008 at the airport in Philadelphia, Pennsylvania before flying to Chicago. (STAN HONDA/AFP/Getty Images) #

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Democratic presidential nominee U.S. Sen. Barack Obama exits his vehicle as he arrives to board his plane October 27, 2008 in Chicago, Illinois. (Joe Raedle/Getty Images) #

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Democratic presidential candidate, Sen. Barack Obama (lower right) waves as he arrives at a rally of 100,000 supporters in St. Louis, Mo., Saturday, Oct. 18, 2008. (AP Photo/Jae C. Hong) #

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Democratic presidential nomineee U.S. Sen. Barack Obama (D-IL) speaks during a rally at Abington High School October 3, 2008 in Abington, Pennsylvania. (Jeff Fusco/Getty Images) #

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Democratic presidential nominee Senator Barack Obama boards his plane at Reagan National airport in Washington September 28, 2008. (REUTERS/Jason Reed) #

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Democratic presidential candidate Sen. Barack Obama shares a light moment with communications director Robert Gibbs on the tarmac at Midway Airport in Chicago Sunday, Sept. 28, 2008. (AP Photo/Alex Brandon) #

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On the eve of the US presidential election, Democratic presidential candidate Illinois Senator Barack Obama speaks during his last campaign rally for the 2008 presidential race in Manassas, Virginia, November 03, 2008. (EMMANUEL DUNAND/AFP/Getty Images) #

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Democratic presidential candidate, Sen. Barack Obama speaks as supporters are reflected in the teleprompter at a rally in St. Louis, Mo., Saturday, Oct. 18, 2008. (AP Photo/Jae C. Hong) #

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US Democratic presidential candidate Illinois Senator Barack Obama shares a fist bump with Ethan Gibbs, the five year-old son of campaign communication director Robert Gibbs, upon disembarking from his campaign plane at Dulles airport in Chantilly, Virgina, on October 22, 2008. (EMMANUEL DUNAND/AFP/Getty Images) #

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US Democratic presidential candidate Illinois Senator Barack Obama disembarks from his campaign plane at Midway airport in Chicago, Illinois, October 19, 2008. (EMMANUEL DUNAND/AFP/Getty Images) #

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Democratic presidential nominee U.S. Sen. Barack Obama speaks during a campaign event at Colorado State University October 26, 2008 in Fort Collins, Colorado. (Joe Raedle/Getty Images) #

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Democratic presidential candidate, Sen. Barack Obama walks down the steps at the gateway arch in St. Louis, Mo., Saturday, Oct. 18, 2008. (AP Photo/Jae C. Hong) #

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US Democratic presidential candidate Illinois Senator Barack Obama points on his way to board his campaign plane in Columbia, Missouri, October 31, 2008. (EMMANUEL DUNAND/AFP/Getty Images) #

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US Democratic presidential candidate Illinois Senator Barack Obama is welcomed by his wife Michelle and daughters Malia, 11 and Sasha, 7, upon landing in Pueblo, Colorado, on November 01, 2008. (EMMANUEL DUNAND/AFP/Getty Images) #

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Democratic presidential candidate Sen. Barack Obama, D-Ill., holds up a ballot receipt after casting his vote at a polling place in Chicago, Tuesday, Nov. 4, 2008. (AP Photo/Jae C. Hong) #

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US President-elect Senator Barack Obama enters the stage with his two daughters, Sasha and Malia, and his wife Michelle to speak to supporters during his election night rally after being declared the winner of the 2008 U.S. Presidential Campaign in Chicago November 4, 2008. (REUTERS/Jim Young) #

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A spectator raises her fist in celebration seconds after it was announced that Barack Obama will be the 44th President of the United States at Ebenezer Baptist Church, Tuesday, Nov. 4, 2008. (AP Photo/Pouya Dianat, Atlanta Journal & Constitution)
 
LONDON--Political leaders urged U.S. President-elect Barack Obama on Wednesday to help forge a new economic order to lead the world out of its worst financial crisis since the 1930s.

Excitement about the election of Democrat Obama as the first black U.S. president was tempered by an awareness of the challenges he faces as the world's biggest economy labours in recession.

"We need to change the current crisis into a new opportunity. We need a new deal for a new world," said European Commission President Jose Manuel Barroso.

"I sincerely hope that with the leadership of President Obama, the United States of America will join forces with Europe to drive this new deal," he added.

nitial market reaction was lukewarm, with the dollar firming but shares on Wall Street expected to fall as attention focused on a sharp world economic downturn.

European shares were also down 2%, while Asian stocks earlier closed at three-week highs.

"The market is maybe reflecting the hard work ahead and difficult economic circumstances new president Barack Obama has inherited," said Keith Bowman, analyst at Hargreaves Lansdown.

Obama does not take office until January, leaving outgoing President George W. Bush to host a summit of world leaders in Washington on Nov. 15 to discuss the global financial crisis which has its roots in the collapse of the U.S. housing market.

















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*Sigh*
Resist this, Obama.
Curtail corruption at home. Reform corporate "globalization".

New "global" regulations is not what we need. New ways for the majority of people on earth to be conned.



I think Obama's going to go with it though.
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Prepare for the US$ to be devalued and/or taken off as the world's reserve currency.
 
Kelly Lynch, the owner of a commercial maintenance company in Redondo Beach, Calif., is raising two kids with her partner, Jill Fenske, on a household income of $400,000. She's saving $800 a month for the children's college fund and $4,000 a month for retirement - a number that someday might make her rich.
that's so ridiculous

someone who is able to save $5,000 a month like that inst rich?
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Originally Posted by Dirtylicious

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this one looks ill.
like... "lets get to work."

lets hope he does


Obama stepping out like Neo.
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He's going to learn about all the top secret intel briefing tomorrow...where Megatron is, who the aliens are...
 
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Adidas socks and Nike shoes?

This is our next President, NikeTalk?
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Nah, there were some really, really awesome pictures in there, OWL. Thanks.




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Standing tall amidst a downpour.
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The fam.
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From HovKids article: " I've worked 50 to 60 hours my entire life, and I don't have a lot left over at the end of the month..." I have toquestion what he is spending his money on being that he is in the upper class and making over 250 a year...Working that much and not having "much leftover at the end of the month" = a
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from me. "It's hardto weep for families that earn more than 98% of American households", that's how I kind of feel about that.
 
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