The Forbes 400 vs. Everybody Else-Michael Moore link

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The Forbes 400 vs. Everybody Else-Michael Moore link

Post by PDT on Thu Oct 20, 2011 7:31 pm

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An interesting comparison to the CNN article. Roughly same dollar amounts around $1.3 trillion.


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Re: The Forbes 400 vs. Everybody Else-Michael Moore link

Post by randallburns on Wed Oct 26, 2011 10:59 pm

This is a link to the Wolff paper cited in the above article.
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The issues are actually a bit broader though and include:
a) foreign investment
b) assets of the top 1% that are parked offshore in places like the Cayman
Islands in numbered accounts
c) tightly controlled foundations that are playthings of the 1%
d) the rest of the 1% outside the Forbes 400.

Prof. Ed Wolff is _the_ premier economist on distribution of wealth in the USA.

My read on the Wolff paper:
the top 1% have gotten extraordinary results on investment the last 30 years. I think this is what classical economists call a return to a monopoly of scale. The reason why that is important, it makes a case for direct taxation of those assets the very wealthy cannot pass on to consumers.

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