We are the 99.9%!

14 Feb

This article in the Atlantic on how your average 1%er has seen her income flatline in recent decades when compared to the wealthiest .1% and .01% ends on a jarringly bathetic note.

The last paragraph seems reasonable enough up through O’Brien’s accurate observation that “it’s no mystery how to reverse [the astronomical upsurge in the richest sub-percentiles’ share of wealth].” But then it goes totally off the rails with what can only be an editorial oversight: “It’s a matter of setting better rules for markets and taxing earners at the top a bit more,” which is easily the most elaborate misspelling of “FULL COMMUNISM” I’ve ever seen.

This info is useful, though:

Who even are these people—the 1 percent of the 1 percent?

As Tim Noah explained, they’re mostly executives and bankers. A 2010 study of the top 0.1 percent found that 61 percent of this group is either a banker or an executive/manager another big corporation. The rest are mostly lawyers (7 percent), doctors (6 percent), and real estate people (4 percent).


Practically all the growth in average income at the top comes from stocks. Between 1992 and 2007, the average salary of a top-400 tax return doubled, but average capital gains haul increased 13X. Wages are for normal people. The richest get richer from their investments.


One Response to “We are the 99.9%!”

  1. filipegracio February 14, 2014 at 9:47 am #

    Reblogged this on Social Pulses and commented:
    From Will Brown

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: