‘Remember, The Top 1 Percent Is Not A Fixed Group, After All’November 16, 2011 9:12 pm
We had spotted mutilple OWS stats – we spotted this today:
“According to the paper, called “Tossed and Turned: Wealth Dynamics of U.S. Households 2007-2009,” by the Fed economist Arthur Kennickell, a third of the people in the 1% in 2007 were no longer in the 1% in 2009.
That means, in just two years, a third of the people in the 1% fell out while a new third moved in. These were one-percenters who became 99 percenters.
To be sure, most of them fell into the next wealth category, the 90% to 99%. But a few of the one-percenters fell into the bottom 50%. The overall shift shows just how arbitrary the bright political lines between the 99% and 1% can be. And the data ends at 2009, so we don’t know what has happened since.
Perhaps “we are the 90%, most of the time!” wouldn’t be as catchy a phrase for the Occupiers to use.”
Statistics Source: WSJ