As for the “top 1 percent” in income that attract so much attention, angst, and denunciation, there is always going to be a top 1 percent, unless everybody has the same income. That top 1 percent has no more monopoly on sainthood or villainy than people in any other bracket.
Nor does that top 1 percent consist of the “millionaires and billionaires” that Barack Obama talks about. You don’t even have to make half a million dollars to be in the top 1 percent.
Moreover, this is not an enduring class of people. Nor are people in other income brackets predetermined to stay there. Most of the people in the top 1 percent at any given time are there for only one year. Anyone who sells an average home in San Francisco can get into the top 1 percent in income — for that year. Other one-time spikes in income account for most of the people in that top 1 percent.
But such plain facts carry little weight amid the heady rhetoric and mindless emotions of the mob and the media.
Musings on history,most especially on the War Between The States,southern culture and anything else that may tickle my fancy or riles my blood.
Thursday, November 3, 2011
Who Are The Top 1%?
Thomas Sowell:
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment