2 ms·
Any time I see an article focusing on income inequality instead of wealth inequality, I know I'm about to get my dose of invisible hand worship for the day. NY
by jstewartmobile 9y ago
Any time I see an article focusing on income inequality instead of wealth inequality, I know I'm about to get my dose of invisible hand worship for the day. NYT statistic was that wealthiest 1% holds more than the bottom 90% combined.
Top 1% wealth (roughly $10M and up)
https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/ https://dqydj.com/net-worth-brackets-wealth-brackets-one-per...
Top 1% income (roughly $400K and up)
https://dqydj.com/united-states-household-income-brackets-percentiles/ https://dqydj.com/united-states-household-income-brackets-pe...
Per Wikipedia, top 0.12% for household income is around $1.6M. Nothing to sneeze at, but we all know many people make much more.
The distribution in the tail is so extreme that singling out top 1% to top 0.1% of incomes seems like cherry-picking to focus on groups that provide services and exclude groups that make money with money.