>the top 1% have nearly as much income as the bottom 80%
reply>link for "Distribution of Household Wealth in the U.S. since 1989"
income =/= wealth
I don’t think that makes the argument you think it does. Wealth concentration is even more extreme.
replyThe point is that his original claim is either incorrect, or is not supported by the source he cited.
replyThat doesn’t logically follow. If the claim is 1% control 80%.
replyAnd the counter argument is wealth is different than income the implication is that wealth inequality is 1) lower than income inequality and 2) more important for some unspecified reason.
But if wealth inequality is more extreme then that means 1% control GREATER than 80% of wealth. So point 1 is false. And point 2 is most likely irrelevant because greater concentration likely means whatever harm from one category would track the other category
Bigger picture truths don't justify smaller picture lies.
replyThe linked view of the chart is distributed by income percentile, the title is "Wealth by income percentile"
reply>The linked view of the chart is distributed by income percentile, the title is "Wealth by income percentile"
replyThat's still measuring wealth, not income. The correct statement to draw from the chart is that top 1% by income have nearly as much wealth as the bottom 80%.
the only difference is whether or not its realized, no? they're using wealth to avoid that
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