Tuesday, September 3, 2013
A Quick Statistical Tutorial
As I've stated before, more than 50% of the people in the top 1% were out of that category by 2005. This does NOT mean that everybody gets a turn at being in the top 1% (yes, we all have the potential if we're willing to do the right education and lengthy hours commensurate to it but it's far from a certainty). Nope, it only means that approximately .5% of that bottom 99% was able to assert itself into the demographic within that particular decade. That's it, and hopefully I've cleared this up a it.
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6 comments:
The statistics show people slipping into and out of the 1%
into the 99%. I'm thinking those
unfortunates may slip into the top 2%, which may be where their replacements come from. The chances of going from night dishwasher to multi-millionaire
hinge on winning some state lottery.
Well, then the 99% movement should have called themselves the 98% movement (to which more than half of them fall into the 97% every decade).......As for people going from dishwasher to multi-millionaire, yeah, that probably doesn't happen very often BUT when you consider that more than 2/3rds of the people in the Forbes richest 400 are self-made or that many people move up more than one quintile per decade you never can tell.
I reviewed Forbes list and found a couple of interesting things:
a plethora of Kochs, Waltons, Johnsons, Rockefellers, Kohlers,
Cargills and Hearsts..scions, one
would presume, of inherited wealth.
Perhaps indicative of hard work and long hours, perhaps not. Another thing of interest is the source of income: oil, computers
and banking (investments, hedge funds, etc) The surprise, to me,
was no major sports or entertainment folk. Perhaps they,
along with the long hour, hard working well educated surgeons,
Nobel winners, inventors and talk radio geniuses are in the 2%?
I think that average income for the top 1% is around $375,000. That would make pretty much every professional athlete in the top 1% (save for maybe rookies and fellas' on the taxi squad), I'm thinking.
Will: One can rest assured that those who rose from the dishwasher and similar jobs to the top were NOT those who whined and begged for more money (as opposed to earning it). Not those greedy pigs who loafed about outside of McDonalds waving signs demanding that McDonalds shovel unearned welfare payments at them. Those that rise are the productive ones. A sense of accomplishment, not a sense of entitlement.
(The lazy, worthless woman in the center of the sign is worth far far less than $15 an hour. Probably worth much less than minimum wage, as shown by her lousy work habits and unprofessional attitude. In fact, a lazy person like who is good at nothing other than harassing workers and customers and driving off business is a liability, an oinking sow who should probably PAY McDonalds instead of it paying her).
A business that pays workers with a marginal revenue product of $8.50 an hour nearly double that would rapidly expire in this economy. And, yes, I can give you a strong empirical counterpart to this. In CT we've had nearly 3 dozen convalescent homes go out of business over the last decade and they've pretty much ALL been union homes. How's about that for job security?
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