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.

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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

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