[B]y global standards, America's middle class is also really, really rich. To make it into the richest 1 percent globally, all you need is an income of around $34,000, according to World Bank economist Branko Milanovic. The average family in the United States has more than three times the income of those living in poverty in America, and nearly 50 times that of the world's poorest. Many of America's 99 percenters, and the West's, are really 1 percenters on a global level.

Charles Kenny, on the global 1%

UCampus
Posted on 3/1/2012

Quote source Foreign Policy (via The Daily Dish)

 

Putting things in perspective:

First things first: America's rich are really, really rich. U.S. Census data suggest every man, woman, and child in the top 1 percent of U.S. households gets about $1,500 to live on each day, every day. By contrast, the average U.S. household is scraping by on around $55 per person per day. But the global average is about a fifth of that.

So by global standards, America's middle class is also really, really rich. To make it into the richest 1 percent globally, all you need is an income of around $34,000, according to World Bank economist Branko Milanovic. The average family in the United States has more than three times the income of those living in poverty in America, and nearly 50 times that of the world's poorest. Many of America's 99 percenters, and the West's, are really 1 percenters on a global level.

Nor did the Western 99 percent "earn" most of their wealth, any more than the top 1 percent "earned" theirs. It's the luck of where you're born, according to the late Nobel Prize-winning economist Herbert Simon, who estimated that the benefits of living in a well-functioning economy probably account for 90 percent of individual income. "On moral grounds," he wrote, "we could argue for a flat income tax of 90 percent to return that wealth to its real owners" -- i.e., everyone else in the country. That radical suggestion makes the Occupy Wall Street crowd look like a bunch of free-market libertarians.

comments powered by Disqus