In regards to celebrating the shortcomings of other people, that is something that will come back and bite and the celebrators in the behind. There are two aspects in which this is a double-edged sword: karma and the golden rule. But, this is a double-edge sword that cuts deep, leaves an everlasting sting, and a permanent scar. That scar would be a memory of what had happened.
The first aspect would be karma. Karma is a boomerang effect. It can be translated as "what goes around comes around." You could make fun and celebrate a person's shortcomings. I myself have been tempted to celebrate a person's shortcomings. But, I restrained myself and thought deeply about it.
The thing is, such shortcomings could happen to me or the next person. Like karma, what goes around comes around. If you celebrate one person's shortcomings, someone else is going to celebrate your shortcomings. When that proverbial boomerang comes back, it is going to smack you very hard.
In regards to it being a double-edged sword, it is going to leave a very deep cut. It is going to hurt you badly. It will take a lot of time to recover. Plus, it is going to leave a long lasting scar. You will not be able to forget it. Looking at that scar will remind you of your own shortcomings.
There is also the aspect of the golden rule: treat people the way you want to be treated.
Celebrating the shortcomings of another person is clearly breaking the golden rule. If you do not want people to celebrate your shortcomings, then you should not celebrate the shortcomings of another person.
The interesting thing about shortcomings is that the circumstances do not discriminate. One person dealing with shortcomings could be a total jerk. Another person dealing with shortcomings could be one of the nicest and most selfless of individuals. The third person could be a person trying to make sure his children have a good childhood.
Anybody can end up having shortcomings.
Here's one example, say one person loses his/her job. It could be for some circumstances. The person could have gotten laid off because of downsizing or fired because of a company merger/company restructuring. The person could be a total jerk and so forth. But, that person is possibly not the only person getting laid off or fired.
That person is not the only one suffering from that shortcoming.
By celebrating that shortcoming, you are in turn celebrating the shortcomings of other people.
Plus, the same thing could happen to you. If that happens, someone else could be celebrating your shortcoming(s). That is karma coming back to bite you. Plus, it is also the golden rule being broken.
If you celebrate a person's shortcomings, then you are inviting people to celebrate your shortcomings.
There lies the double-edged sword effect. Remember, this is a very deep cutting double-edged sword.
There are some people in the world who deserve to suffer some shortcomings. But, it does not mean you should celebrate them. I myself do know quite a few people that deserved their shortcomings. But, I did not celebrate them. However, I choose not to care.
There is a big difference between celebrating and not caring. In my case, I'll simply say "I don't care," shrug it off and go on my merry way. Plus, it would seem that I am attached to some grudge if I was celebrating the shortcomings of a person I hated or despised.
Also, celebrating a person's shortcomings does victimize that person. If the person is a total jerk, then people will feel sorry for him/her.
These are things to think about before deciding to celebrate someone's shortcomings.