One per cent not as wealthy as they once were: report
Pity the one per cent.
Indeed, it hasn’t been the kindest of stretches for the super-rich, what with their wardrobe downsizing and unshowered protestors waiting at the door of their downtown offices.
It’s been tough, sure, and with reports that income inequality keeps growing, the wealthy keep getting less popular.
But hold on a second. Hold on just a second! By numbers from a new report, the one per cent had just as rough a downturn as you or I did.
Okay, well, the stakes were a bit different for the super-rich when the recession hit, but from a percentage standpoint, the affluent lost plenty just the same.
*Bing: What is Canada’s average salary?
According to U.S. federal tax data, the top one per cent of American earners saw their average income fall from $1.4 million in 2007 to a paltry, unliveable $957,000 in 2009.
Of course, much of that hit was due to the stock market crash, and analysts claim much of the liquidity was recovered in 2010, but the recession’s effects nonetheless reshuffled how much wealth that fated one per cent group holds.
In 1980, if we look back, only about 10 per cent of the U.S.’ pretax income went to the top one per cent of the country’s earners. By 2000, that share had grown to about 22 per cent, before slumping back to 18 per cent by 2003.
When 2007 hit, the report notes, the nation’s one per cent accounted for a peak of 23 per cent of all American earnings. By 2009, it shrunk to 17 per cent, a level not seen in more than a decade.
“It’s very interesting that this has become such a big topic now when the numbers are back to where they were in the 1990s,” Steven Kaplan, an economist at the University of Chicago’s business school, said about the recent Occupy movements protesting the rich.
“People didn’t seem to be complaining about it then.”
By Jason Buckland, MSN Money
Posted by: Jess4lukin | Dec 14, 2021 11:02:42 PM
Aaaaw, poor babies. ON AVERAGE, their income shrank to $950,000 per year. How about applying those same calculations to the income of those below $100,00 per year over the same time period. Even better, compare their incomes after adjusting for inflation.
What a useless article!
Posted by: Seriously? | Dec 15, 2021 9:45:31 AM
Are you joking? Pity the 1%? Their gold shoes became one size tighter? What we need to pity are the people who continue to enable this ridiculous system of bought politicians and crooked congresses.
We need to get money out of politics, stop placing monetary value on arbitrary things liek I DON"T KNOW maybe people, and maybe we can make it out of the 21st century alive.
If not, well, I played enough Fallout to survive a nuclear winter ;)
Posted by: Clear & Focused | Dec 15, 2021 11:25:06 AM
Another gem from Jason "The Lackey" Buckland.
Quote: "By the numbers from a new report..."
That's a good one. I wonder if the stooge who wrote this delusional article realizes that confidence in the system has been squandered. These so called "studies", concocted by the establishment, replete with their fraudulent figures, and fabricated for the shills and sycophants like Jason "The Manservant" Buckland, are as comical as a "journalists" resume these days.
Choosing to use such figures and statistics only reveals you for the clown that you are, Jason.
Why not try your luck at Yuk-Yuk's instead?
Posted by: Not Stupid | Dec 15, 2021 11:43:56 AM
I can't believe what I just read. Do you think the 99% stupid??? It's a little bit of payback in the fact that it's their own manipulated stocks that lost money, justifibly hitting them in their own wallets.
Posted by: iseeclearly | Dec 15, 2021 1:22:38 PM
Garbage.Was it not the 1% who bet the farm and everyone else' farm on the stocks AND LOST. So while they move back to the hi-life and massive profits we 99% get the bill,the government claim is OUR bill they had to pay over these last 3-4 years and now want it back.Like it was a favor they did for us? They should all be fired, charged with a crime and pay restitution to the 99% of the rest of the planet for what they did. But we all know that won't happen.
Posted by: binder dundat | Dec 15, 2021 3:07:08 PM
the 1% are great, they bring happiness to the other 99%
Posted by: KARL V | Dec 15, 2021 8:43:47 PM
here we go again TEETTERTODER SIMPLE A FLAT TAX AND BITE BULLET ON CREATING JOBS THAT PAY LIVABLE ........RECENTLY SET AT MINIMAL 15 DOLLARS AN HOUR THIS MEANS COMPASSION AND HONESTY IN GOVERMENT OPPPS THAT MEAN S IT WILL NEVER HAPPEN SORRY TO THINK I HAD THE ANWSER ...... ALL TAX THE SHIT OF THE FILTHY RICH....... THAT ALL THEY DID IN GREAT DEPRESION AND CREATED MIDDLE CLASS IT WORK THEN AND WOULD WORK NOW EXCEPT THAT THE RICH SUPPORT THE GOVERMENT SO THEY SAY ITS NOT A GOOD IDEA TO BE FFFFFIN FAIR..... THAT THE RICH CAN HAVE IT ALL
Posted by: SP | Dec 16, 2021 9:27:36 AM
Is that a reduction of total income to 17% of everything, or a reduction of - declared - income to 17%of everything?
Either way it doesn't matter because there won't be a change yet. Only when a critical mass has been fully disenfranchised will change occur and governments will remember WHY lasting societies have made a point of keeping potentially violent young men fully employed and in stable relationships. But don't look to the Middle East 'that' could NEVER happen here...
Posted by: don | Jan 2, 2022 6:40:42 PM
I beleive SP has a good point. Nothing is going to change. I just hope it wont get to the point
where the young need to riot. I think change will come, but it is going to take awhile. When you look at the posts in various newpapers accross Canada It is amazing how many have no sympathy for the plight of people losing their jobs to globalization. Just wait.......these people dont think their job can go also? Get a education....no one deserves a living wage without post secondary education they cry. Guess what.....your job will go to. Think the people who took the manfacturing jobs will leave your alone? Think they wont move onto the more "educated" employment. that they will not educate and train their own? They will and they will hire thier neighbour not you. The attitude of this segement seeing themselves as untouchable because of thier education and "superiority" will crumble when it happens to them. This is when we will see change. When those willing to sacrifice the ability of others they preceive see as less deserving to make a living for the sake of thier wallets start to loose there jobs and investements ...and they will....then things will change. Wealth is created from the bottom up...not the top down. Kill the bottom and l eventually the top will die too.