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Am I the only one seeing a lot of headlines pitting top 10% against the rest? It’s disingenuous to make up headlines like this without mentioning too 10% consis
by darth_avocado 5y ago
Am I the only one seeing a lot of headlines pitting top 10% against the rest? It’s disingenuous to make up headlines like this without mentioning too 10% consists of, you guessed it, top 1% which owns more than 50% of all the stocks.
- dominotw 5y agooh yea i saw this recently too. here is one from last week that was making the rounds. "The problem with America’s semi-rich" https://www.vox.com/the-goods/22673605/upper-middle-class-meritocracy-matthew-stewart https://www.vox.com/the-goods/22673605/upper-middle-class-me...
- thinkloop 5y agoTop 1%? How disingenuous can you be, that's made up of the top 0.01% who own 30% of the top 1%'s wealth alone [1] [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...
- darth_avocado 5y agoI agree. I just didn't have the stats to back me up when I wrote that. You are talking about wealth and not stocks, but you make the same point that I'm trying to make, which is that, top x% can be very misleading and clickbaity if you ignore the extreme inequality at the very top and can push the narrative in a direction that's not helpful. Thank you for bringing that up. I'd not be surprised it like 100 people in the country own 20% of all the stocks.
- chmod600 5y agoThe top 10% is not a static category. People move in and out all the time as a result of ordinary life changes (rising income as you enter prime working years, selling assets to buy a house, selling a house, job loss, etc.). It doesn't really make sense to be mad at the 10%, because it will probably include you or others in your family unless you are really stuck. And there are a lot of people who are stuck. Let's not diminish that. But we will never address that if we are conflating them with young people who just happen to have a low income today but have every reason to see themselves in the middle class.
- pedrosorio 5y ago> People move in and out all the time as a result of ordinary life changes (rising income as you enter prime working years, selling assets to buy a house, selling a house, job loss, etc.). The article refers to the top 10% wealthiest, everything you mentioned is related to income.
- GoodJokes 5y agoThe thing is, the top 10% tend to vote with the top 1% and for the same reasons.