permafrost Loc: Minnesota

Could not move the cartoon so this is a link if you wish to have a look... Seems very apt to me...

http://daviddegraw.org/peak-ine******y-the-01-and-the-impoverishment-of-society/#s***ery ~ ‪#‎StrikeFastFood‬


Blast it...Gives a long winded piece and not even show the cartoon graph that I was looking at..

May as well delete this post....

Augustus Greatorex Loc: NE

Your link works.

The problem I have with the argument is who composes this 0.01% of the general population. The people and families who are currently in that 0.01% has changed almost entirely in every generation.

People enter and leave this 0.01% top position. We live in a fluid market society. Does this top group exist? Statistically it must. But it is not comprised a particular group of individuals. A mistake in the assertion that this group is in constant flux.

permafrost Loc: Minnesota

Augustus, I can not agree with that. While it is true people/families can enter or leave that .01% over time, most very wealthy families retain that wealth for generations.. Rockefeller, Walton, Kennedy, Bush. You can probably toss out more names than I can, but I think that once vast wealth is obtained, it would actually be difficult to lose it...Also the viewpoint would be to hold that wealth very close to the family...

Augustus Greatorex Loc: NE

When did the Walton family enter that special statistic?

Kennedys are no longer in that statistic.

permafrost Loc: Minnesota

The walton family, 5 members, are worth 20 billion each. That must put them in that .01%.

I do not know how much the Kennedy family is worth but I would be very surprised if they had lost much of the billions they would need to drop from the very rich .01%..

I admit to lack of knowledge on how rich the rich are and who is actually in the .01%, but I believe the point remains correct..

Augustus Greatorex Loc: NE

I didn't ask whether the Waltons were in the top 1% of the 1%, but when did they achieved that status?

There is an exact number of people that make up 0.01% of our population, the number is approximately 4000 people.

In order for a person to achieve that status one of two things must happen.

1) Our entire population increases, increasing the number of people in the 0.01% bracket.

2) A person gains enough wealth to force someone else out of the 0.01% bracket.

When Sam Walton died, his fortune was passed to his heirs this either increased the number of Waltons in the 0.01% or forced them out of that bracket.

I know that Sam Walton was a member of this exclusive group. I have not been able to verify that his children are.

Warren Buffett entered this exclusive group in 1986. I know Jeff Bezos is, now, in this exclusive group, yet wasn't in 1996.

permafrost Loc: Minnesota

August, I have never looked up the statistics to give an answer. Have no idea of the actual wealth level or if we count only individuals or families in the wealth counting.. I will say, if 20 billion does not put a person in that group, then the group is even more exclusive than I thought..

I think that I will have to accept any stats that you have as correct, because I have none...

Augustus Greatorex Loc: NE

I misplaced a decimal in the post concerning population of the 0.01% it should be 40,000 people.