Need a new Rolex? Lay someone off.

The wealthy are going hog-wild. Rather than do what they howl the economy needs (create jobs) they’re feathering their nests with expensive toys, jewelry and clothing.

From Bloomberg:

Sales of luxury goods may climb this year to the highest level since 2007, led by demand in China and a rebound in the U.S., according to Bain & Co.

Sales of high-end apparel, accessories, watches and jewelry and other products may rise to as much as 170 billion euros ($236 billion) from 153 billion euros in 2009, helped by currency moves including the appreciation of the dollar, the consulting company said today in a study. Sales of leather goods will lead the increase, gaining 20 percent, Bain estimated.

“After the crisis a new luxury era is emerging,” Bain said.


So, rather than grow their businesses (heaven forfend the captains of industry do anything to help the country and support a black president) the uber-class has decided that leather jackets are more important than helping families.

Not that we didn’t know this already, but this report just underlines it in bright red: the wealthy in America are not concerned about their fellow man, families or the well-being of the country. All they care about is their bloated bellies, bank accounts and bling.

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