A bad idea

There is a new Mitt Romney article on Washington Post, which shares tidbits about his relationship with money, and makes for an interesting, if frustrating, read. Interesting because it opens a window into the live of the super-rich (those who can write off $77,000 a year of raising show horses as a business expense). Frustrating, because it looks like Romney's ambiguous, contradictory relation with money is about as solid as his policy positions.

But the part I want to focus on is found on the article's third page, between the paragraph informing us that Romney consolidates household garbage into larger bags “because the waste management company in his area charges by the bag.” and the paragraph describing his house renovations ("He’s spent millions updating and expanding the compound on Lake Winnipesaukee in New Hampshire into a family playground of horses and barns, powerboats and water toys."). 

According to the article: (Romney's) five sons are beneficiaries of a family trust valued at more than $100 million — as long as they keep working. “He’s said if you guys ever decide to stop working,” said Josh Romney, “you can guarantee you’ll never see another penny from the family.”

This epitomizes the Republican attitude, or at least the attitude of the people the GOP seems to worship (rich white males of inherited wealth, who pretend to be 'one of the guys' in order to execute the political priorities of the super wealthy - to make sure the rich get richer, the the poor stay under control), and is a combination of stupid and funny.

First, it perpetuates the banking paradigm - give money to those who do not need it, but keep it away from those who do. Loan to people with money (call it good credit, collateral, or whatever you want), and abuse the needy with higher rates for car loans, mortgages, and other financial help. The new Romney generation can take out money from their $100 million trust, as long as they are duly employed. But Mormon forbid, if they stop working, they are on their ass. Or at least have to beg for money.

Second, I can't remember how many books, plays and movies I have read or seen where the hero repeatedly failed in college because he lived off a trust conditioned on his being a university (or medical school) student, or pretending to work for the stipend.

Thus, I am curious to know the answers to these important questions.

• How does one define work? Would Papa Romney deny his kids the opportunity to evade taxes by investing in tropical island tax shelter? As 'normal' employee, whose taxes are handled by employers, they won't be able to do that! Or would working for themselves do?
• Does any job count? Can a Romney be a janitor, burger flipper, or street sweeper, or does he have to be in a position to fire people, like daddy?
• If Romney Jr. is allowed to be self employed, does the business have to turn a profit? Is it okay to loiter around and accrue a loss, while benefiting from the family fortune? Who is to tell which loss is real, and which is fraudulent?
• If a Romney volunteers, does it count as work? Must Romney Jr. volunteer for the Mormons, or is it okay to work for anyone?
• Can a Romney do pro-bono, or charitable work, to enjoy the family trust-fund benefits, or are the Romneys required to charge for work?
• What if an off-spring falls on hard times, perhaps a medical emergency or an accident? Would he still be able to get the benefits, or would he be tossed to the street, with his family, like the victims of Bain Capital?
• Who is the final arbiter of performance? Mitt? Ann? The church elders?

Lots of things to ponder. Though, considering the family shroud of secrecy, I doubt we'll learn the details of this trust fund either. 

Oh well, probably for the best...