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Your big assumption there that those 200,000 people with income of $1M+ have an average of $5M per person is where your logic fails. This source: http://www.goo
by benjoffe 15y ago
Your big assumption there that those 200,000 people with income of $1M+ have an average of $5M per person is where your logic fails. This source: http://www.google.com/publicdata/explore?ds=a7jenngfc4um7_&ctype=l&strail=false&nselm=h&met_y=personal_income#ctype=l&strail=false&nselm=h&met_y=personal_income&scale_y=lin&ind_y=false&rdim=region&ifdim=region&hl=en&dl=en http://www.google.com/publicdata/explore?ds=a7jenngfc4um7_&#... shows the US total personal income for 2010 being over 12.5 trillion, your two groups only add up to 6 trillion.
- pakitan 15y agoWell, given some kind of power law distribution, I don't think the $5M are that far off. In fact, this suggests that my guess may have been on the higher end: http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph http://motherjones.com/politics/2011/02/income-inequality-in... It says average income for top 0.1% is $3M and those 200,000 are exactly the top 0.1%. I'm not sure where the huge discrepancy comes from, when it comes to the total personal income stats you posted and I hope someone can clear this up.