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OT, but I am puzzled. According to this, 1 % of people have more than 9 M in assets?

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Mass Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-15-11 01:20 PM
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OT, but I am puzzled. According to this, 1 % of people have more than 9 M in assets?
http://www.usatoday.com/news/washington/story/2011-11-1...

Fifty-seven members, or roughly 11%, of Congress can count themselves among the top 1% of wealth, with an estimated net worth of $9 million, according to a USA TODAY analysis of personal financial disclosures compiled by the Center for Responsive Politics.
...


Really?
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karynnj Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-15-11 01:39 PM
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1. I suspect that the author took a number for the top 1% of the 1% and is misusing it
Edited on Tue Nov-15-11 01:57 PM by karynnj
I tried to google to get an income distribution and found this articles that says that the top 1% of the 1% (or the top .001%) have nearly $10 million - and stated it as 2009 number. I don't think the top 1% have not earned enough that about 100 times as many people are in that group. http://topics.nytimes.com/top/reference/timestopics/sub...


Looking for info, this chart shows the 2006 numbers and the amount you needed to be in the top .1% was 1.6 million. It seems unlikely that the distribution shifted so much that 10 times that number of people now make over $9 million.

What is hard to believe is this is not a life's accumulation of money, but yearly INCOME. I guess this is the Republican base - that fulls all the Limbaugh voters in defending their right not to be taxed more.



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