David Leonhardt wrote a fascinating piece comparing two top presidential candidates: John Edwards and Mitt Romney. They are both part of America's new rich, but they made their wealth in two completely different ways. Here are some excerpts of the piece:The piece also covers how each candidate highlights their wealth during the campaign:...Mr. Edwards, as he often reminds audiences, is the son of a mill worker. His father, Wallace Edwards, recalled in an interview being paid 75 cents an hour when he was hired by Milliken & Company in 1951. That was the federal minimum wage then translates to about $6 an hour today. In a full year, Wallace Edwards made as much money as George Romney (Mitt'Romney's father) did in a few days.
The careers their sons chose reflect that fact: Mr. Romney became rich investing in corporate America, and Mr. Edwards became rich doing battle with it. Yet they also have benefited from the some of the same broad forces that have created the new rich — including a cultural change in how Americans view money...
Read the entire article here....In the final days before voting begins, neither Mr. Romney nor Mr. Edwards is emphasizing his own finances, for obvious political reasons. Instead, the two candidates talk about the work that led to their wealth.
Mr. Romney speaks about his managerial skills and notes that not one of the leading Democrats has ever run a large organization. Mr. Edwards talks about his record as a lawyer who fought for ordinary people against the rich and powerful...
