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economics Uncategorized

Krugman: Envy Versus Anger

Krugman: Envy Versus Anger But the polling data don’t say anything about envy: when people say that they have lost their belief that hard work will be rewarded, they aren’t saying that they are envious of the rich; they’re saying that they have lost their belief that hard work will be rewarded. To the extent […]

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economics Uncategorized

Only 3% of the very rich are entrepreneurs

Only 3% of the very rich are entrepreneurs According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were […]

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economics Uncategorized

America is both especially unequal and has especially low mobility. But he also argues that because we are even more unequal now than we were a generation ago, we should expect even less social mobility going forward. Very illuminating — and disturbing. (via The Great Gatsby Curve – NYTimes.com) Wow. This looks awful.

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economics politics Uncategorized

The average Bush tax cut in 2011 for a taxpayer in the richest one percent is greater than the average income of the other 99 percent ($66,384 compared to $58,506). The Average Bush Tax Cut For The 1 Percent This Year Will Be Greater Than The Average Income Of The Other 99 Percent | ThinkProgress

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Bin Laden Capture Earns Leon Panetta A $10,000 Bottle Of Wine

Bin Laden Capture Earns Leon Panetta A $10,000 Bottle Of Wine If you are making bets involving century old bordeaux, you are in the 1%