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Why does it make the headline meaningless? It doesn't really matter whether you vote or know what you own, what matters is the wealth concentration.
by lexapro 5y ago
Why does it make the headline meaningless? It doesn't really matter whether you vote or know what you own, what matters is the wealth concentration.
- alistairSH 5y agoFair enough. My point is the 10th percentile household (~$200k income) has more in common with the median (~$70k) income household than they do with the top 1% household (~$530k). Or even the top 0.1%... https://review.chicagobooth.edu/economics/2017/article/never-mind-1-percent-lets-talk-about-001-percent https://review.chicagobooth.edu/economics/2017/article/never...
- kapp_in_life 5y agoReally? I doubt that the median income household goes on international vacations every year, whereas that is a luxury both the 10th and 1th percentile can afford to enjoy. Sure the 10th percentile might have to pick 2 of the 5 luxuries enjoyed by the 1%, but thats more than someone at the median could enjoy. Things get messier if you include assets, but speaking just to income percentiles...
- alistairSH 5y agoI was thinking more in terms of ability to generate intragenerational wealth (of the self-sustaining variety). Rich vs wealthy. Working for income vs living off interest. Etc. Or the ability to influence politics, corporate policy, or otherwise yield substantial power, which tends to reinforce the income gap. As a top-5% income earner, I can assure you I don't yield any more political or corporate power than anybody else in the bottom 99.5% or so. And I certainly won't be leaving massive trust funds for my heirs.