General Discussion
In reply to the discussion: Forget the 1% [View all]hfojvt
(37,573 posts)Why don't we just talk about Bill Gates then?
Everybody else is near-poor or something.
To me, even the talk of the 1% is too NARROW, but some people want to narrow it even further.
Because, doncha know, 11.2% of the wealth is far, far more important than a mere 85% of the wealth.
Sure, sure, I wrote about the "Fab 400" http://journals.democraticunderground.com/hfojvt/123
but I quickly widened it
"The cummulative loss since 1995, including 4% interest, totalled $88.7 billion in 2007. Again, a mere drop in the deficit bucket, but the fab 400 are also just the tip of the wealthy iceberg.
Their share of income was just 1.59% of all income. That is way up from the .49% it was in 1995, but still a fairly small slice. In 2005, those with incomes over $10 million (and there were 13,776 such families, including the fab 400) got 5.1% of all income...."