How far does that income go?

Apparently, a University of Chicago law professor (thus by definition President Obama's intellectual superior, as he actually earned his post) posted something on his blog about how far a $250,000 family income actually goes.  In reality, it's not that far, but unfortunately, his intellectual inferiors (Obama supporters) harassed him until he took his post down.

And so as a public service, let's run down where a $250,000 income goes for a family of three or four in a high cost area of living like Chicago.  Now it is true that the good professor could go to lower cost areas in Chicago than Obama's neighborhood, but.....keep in mind that Chicago is always in the running for murder capital of the nation.  I don't begrudge him that, to put it mildly.

You start with $250,000, and take off $100,000 in income taxes.   You're then at $150,000, and then you take off $15,000 for property taxes and $35000 for the mortgage--I'm guessing the good professor is in a home worth a cool half million or more.  (again, go cheaper, there goes the neighborhood)  Now you're at $100,000, but you're not done.  Take off $10,000 for utilities and maintenance (those old brick homes in Chicago don't heat and cool cheap), $30,000 annually for his $250,000 in college loans, $20,000 annually for vehicle expenses (you don't park for free in Chicago, nor is insurance cheap there), and $20,000 annually for childcare.

In short, for groceries, clothes, and all that--they have approximately $20,000.  Not too many Michelin stars will be enjoyed on that budget, and the President thinks these people have more to take out of their hide.  Well, maybe, but it's going to be a lot more painful than his rhetoric would make you think.

Moreover, given his problems making ends meet before his book-writing windfalls (no dividend, interest, or capital gains income prior to 2005), I would have thought Mr. Obama would have known very well that, at least for big city dwellers, a quarter million dollars per year is not exactly an amount that would make one into J.P. Morgan.