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Well, those 20% aren't so deluded. In fact 12% of all Americans do enter the top 1% at least for a year. [1] (Granted it's not clear from the above link whet

Well, those 20% aren't so deluded. In fact 12% of all Americans do enter the top 1% at least for a year. [1] (Granted it's not clear from the above link whether the poll question was worded to clarify this ambiguity.) [1] https://www.nytimes.com/2014/04/20/opinion/sunday/from-rags-to-riches-to-rags.html https://www.nytimes.com/2014/04/20/opinion/sunday/from-rags-...

mirimir 9y ago
You don't "enter the top 1% at least for a year". To be part of the 1%, you at least have enough capital to live off interest indefinitely. Indeed, enough for your children to live off interest indefinitely.
- kilotaras 9y ago
  It seems like you're talking about wealth and GP is talking about income.
  - mirimir 9y ago
    Yes, I've been talking about wealth. I mean, I've said "wealthy" a few times :)
- scythe 9y ago
  I think you mean "to be rich". To be in the top 1%, you, by definition, need only to have an income which is in the top 1% of the US income distribution. However, the lacuna between the income distribution and the power distribution is exactly what is misleading about the term "the 1%" when it is used to complain about the power of the wealthy in modern America.
  - isostatic 9y ago
    Some people use top 1% to refer to income. Some use it to refer to wealth. For range majority of people income relies on a job, and by doing it harder/longer/smarter you get a higher income. Our tax system peanalisies hard work. The other option is to treat rich people as those with a lot of money, not those who are most productive. When I think of someone who is rich, I think of someone who is wealthy. That means having a lot of wealth, more than 99% of the country. To do that you need assets of over $8m (2013) {1} That amount of assets should be able, long term, to grow with inflation and still deliver over $100k a year to live on. Even if it didn't just withdrawing the cash at $100k a year will see you through for life. 1. https://dqydj.com/net-worth-in-the-united-states-zooming-in-on-the-top-centiles/ https://dqydj.com/net-worth-in-the-united-states-zooming-in-...
arjie 9y ago
So 12% of Americans sell a home at least once in their lives?

mirimir 9y ago

You don't "enter the top 1% at least for a year". To be part of the 1%, you at least have enough capital to live off interest indefinitely. Indeed, enough for your children to live off interest indefinitely.

kilotaras 9y ago
It seems like you're talking about wealth and GP is talking about income.
- mirimir 9y ago
  Yes, I've been talking about wealth. I mean, I've said "wealthy" a few times :)
scythe 9y ago
I think you mean "to be rich". To be in the top 1%, you, by definition, need only to have an income which is in the top 1% of the US income distribution. However, the lacuna between the income distribution and the power distribution is exactly what is misleading about the term "the 1%" when it is used to complain about the power of the wealthy in modern America.
- isostatic 9y ago
  Some people use top 1% to refer to income. Some use it to refer to wealth. For range majority of people income relies on a job, and by doing it harder/longer/smarter you get a higher income. Our tax system peanalisies hard work. The other option is to treat rich people as those with a lot of money, not those who are most productive. When I think of someone who is rich, I think of someone who is wealthy. That means having a lot of wealth, more than 99% of the country. To do that you need assets of over $8m (2013) {1} That amount of assets should be able, long term, to grow with inflation and still deliver over $100k a year to live on. Even if it didn't just withdrawing the cash at $100k a year will see you through for life. 1. https://dqydj.com/net-worth-in-the-united-states-zooming-in-on-the-top-centiles/ https://dqydj.com/net-worth-in-the-united-states-zooming-in-...

arjie 9y ago

So 12% of Americans sell a home at least once in their lives?