A recent report on the CBS Nightly News noting that an auction of Elizabeth Taylor's jewelry brought in a record $116 million contrasted sharply with another report about middle-class citizens becoming homeless and poverty stricken. The second report focused on a place called Slab City, an abandoned WWII training base in southern California whose population has increased dramatically over the past couple of years due to the ongoing economic crisis and the bust of the housing market.
While the super rich can afford exorbitant luxuries such as $6 million diamond and emerald necklaces, the rest of the population continues to struggle within this gross economic disparity that has left many people unable to buy even basic necessities
Today the bottom 99 percent of Americans continue to struggle with monumental economic hardship while the wealthiest 1 percent continue to spend lavishly. When anyone from the 99 percent says they can't buy winter coats for their children, someone from the 1 percent is likely to respond: "Let them wear diamonds."
Jonny Reidy, Towson