Who are the 1%-CNN link

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Who are the 1%-CNN link

Post by PDT on Thu Oct 20, 2011 7:28 pm

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The original CNN headline for the link to this article was very misleading (wrongly stating the minimum income of the 1% as the average income. Thanks Big Brother!), but it defines the 1% within the text.

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A little more info on the 1%, down to the bottom 20%

Post by uncommonfilth on Wed Oct 26, 2011 1:42 am

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Re: Who are the 1%-CNN link

Post by randallburns on Wed Oct 26, 2011 7:40 am

Assets are a better indication of financial well being than income.
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the other thing you need to look at is _control_.

Most people live in their homes and don't vote stock in their pensions. Those make up most of the 20% of assets
owned by the bottom 95%. A lot of assets even of the upper 5% are in things like stock index funds that are essentially autopilot investments.

Actual control of all of this is rather narrow.

Someone making $250K/year living in Manhattan or Silicon Valley may be working their way into the upper 5%-but far from there yet. They need a stretch of those kinds of earning with no illness or screw ups-and the cost of maintaining that kind of income is very real too.

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