Where Is Thorstein Veblen When We Need Him?

Thorstein Veblen in his best know work, The Theory of the Leisure Class brought us the theory of conspicuous consumption. In other words it was not so much about the money one had but rather how one spent the money. Status is conferred on the consumer when the cost of consumption is beyond it's utility. Silverware has no more utility than stainless steel flatware but the fact the consumer can withstand such pecuniary damage to his wealth is testimony to his wealth and makes the rich feel truly rich. More recently conspicuously consumed goods have acquired the label "status symbols" which when taken literally does mean that ones station in life or status is defined by symbols he can purchase that are not available to most people. Yachts, private jets, and mansions have utility but ownership of these baubles confers an elite status on the owner. Veblen built an academic career, such as it was, (he never got a decent professorship because he was such tease and a true nonconformist) by mocking the nouveau riche.

We could use a man like Veblen today. Not only are the nouveau riche not mocked they worshiped by a loving popular media and a doting political class. Even the very idiom "nouveau riche" has dropped out of the lexicon but that may be public education's contribution to the democratization of consumption. If Veblen was writing today without the ready targets of the Astors, Carnegies and Vanderbilts he would probably focus on the under taxed. The Warren Buffets and William Gates Sr. are grievously under taxed and delight in telling the country that no tax rate is enough to diminish their status. Bring it on! Raise my take rate to 90 percent and I'll still be able to afford a chauffeured limo and a Boeing 747. Not to be outdone a coterie of nouveau riche has beseeched the congress to please raise their taxes. Known as “Patriotic Millionaires" they went to Capitol Hill to to protest their plight. "Patriotic Millionaire?" Yes, it is kind of them to remind everyone that they are millionaires but patriotism is a virtue not the personal property of every ostentatious millionaire who has the effrontery to claim it.

Lawrence Benenson, vice president of Benenson Capitol Co., ran into freshman Rep. Kristi Noem, R-S.D., in an elevator. “I’m with the Patriotic Millionaires and we want to pay more in taxes,” he told her.

Noem grinned. “How much more?” she asked.

Beautiful! It's too bad the Washington Post reporter couldn't overcome his devotion to this nouveau riche sycophant and ask Congresswoman Noem why she opposed estate taxes. Noem might have told him that she had to drop out of college when her father was killed in a ranching accident and how she and her three brothers had to take out a $600,000 loan against that ranch to pay the estate tax so they could continue to earn a living and that she is still working to get her degree. Kristi Noem may never be a millionaire but she has more patriotism and more character than Lawrence Benenson and his whole crowd of "Patriotic Millionaires."