We ARE the 99%
|November 23, 2011|
Though the situation is often described as a problem of inequality, this is not quite the real concern. The issue is runaway incomes at the very top—people earning a million and a half dollars or more according to the most recent data. And much of that runaway income comes from financial investments, stock options, and other special financial benefits available to the exceptionally rich—much of which is taxed at very low capital gains rates. Meanwhile, there has been something closer to stagnation for almost everyone else—including even for many people in the top 20 percent of earners.
This may seem counterintuitive at first. After all, analysts have long painted a picture of growing inequality over the past few decades in which the top quintile’s share of the national income has risen while the share of the other 80 percent has fallen. But almost all the gains for the top 20 percent was for the top 1 percent. And half of that is accounted for by a tiny group within the top percent—those earners in the top 0.1 percent. Meanwhile, for the four quintiles below the 80 percent level, the share of total income fell significantly. For those from the 80th to the 99th percentile, the share rose only slightly (a little more rapidly as you go higher up).
In other words, Occupy Wall Street’s claim that “We are the 99 percent” is dead on right.
So it’s worth knowing who is in that group of very rich with runaway incomes. Several news reports in recent weeks have cited a seminal 2010 study that uses IRS tax returns to find out who belongs to the top 0.1 percent. The authors deserve mention because they are often left out when their results are cited: Jon Bakija of Williams College, Adam Cole of the US Treasury, and Bradley Heim of Indiana University. This was not a Treasury study, however, but a private if scholarly one.
One key finding of the study is that three out of five of those in the top 0.1 percent of tax filers are executives or managers of financial and non-financial companies. Overall, more are from non-financial companies. Does this partly exonerate Wall Street, suggesting it is really Main Street where the problem lies?
In fact Bakija, Cole and Heim’s analysis shows the opposite: it turns out that much of the increase in wealth of non-financial executives was also tied to the rise in stock prices.
Merleau-Ponty’s Child Psychology
As much as death signals the end of the self, birth is just as mysterious. Both extend out to infinity and signal the brevity and contingency of our lives. As mysterious are those first few years of life that one does not have access to as an adult, I know I existed before my earliest memories. I know I interacted with others, I learned to walk and talk. I was willful from my parent’s tales.
William Pope.L: Reader Friendly
William Pope.L is famous for (among other things) carrying a business card that identifies him as “The Friendliest Black Artist in America.” It’s a clever gag because it makes itself true, in a way, every time it draws people closer. The card must be especially useful when Pope.L does business with people who dread Black men or Black artists.
10 Things the NSA Has Seen Me Do
One winter in my early twenties myself and some good friends — a merging of art, music and literary ladies of New York, full-grown girls aspiring to be women — got together, had a lovely dinner, some wine and delightful chat. Then we decided to spend an hour practicing “Teach Me How To Dougie”. NSA — can you teach me how to Dougie? You know why? “Because all my bitches love me.”
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