Mainstream Politics and Economics Message Board

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To: TimF who wrote (21434)	7/31/2012 2:39:46 PM
From: Sun Tzu	Read Replies (1) of 44649

>> The households in the top 1 percent had reduced income during the recession. Agreed, but I don't see the point. Every group had reduced income during the recession. Furthermore as I pointed out, the top 1% has a more volatile income pattern, so it make sense for them to take a bigger hit. >> The top 1% now is not the same as the top 1% then. Can you prove this? Can you put some metrics around how many of the top 1% now are new? BTW, one of the big fallacies of the article was to use income to disprove a wealth argument. If I owned I bet Bill Gates has relatively low, if not negative, income because of his charity work. That however does not put him in the same class as the poor people. "The 1%" refers to the top wealthiest 1% and not necessarily the top earners. The argument the article wanted to disprove was that the rich don't keep getting richer. But he never talked about the wealthy, but the top earners. They are not necessarily the same thing. >> Households generally have had their income go up since 1984. Why don't you take a look at the same CBO report and quantify that. This is a case where size does matter. later, ST