06-04-2014, 15:39 #1
[EN] Desigualdade americana padrão IPEA
ONGs e boca-moles usuais que orquestram movimentos de ódio aos bilionários americanos -- os ricos ficam cada vez mais ricos e os pobres mais pobres -- baseando-se em estatisticas de crescimento de renda não devem ter apreciado o artigo
How You, I, and Everyone Got the Top 1 Percent All Wrong
For years, I've been making the same embarrassing mistake about U.S. economic inequality. Sorry.
I've written, over and over, that the most important divide in our wealth disparity was between the 1 percent and the 99 percent. For example, when I compared the evolution in investment income since the late 1970s, I often imagined a graph like this from the Economic Policy Institute, showing the 1 percent flying away from the rest of the country.
It turns out that that graph is somewhat misleading. It makes it look like the 1 percent is a group of similar households accelerating from the rest of the economy, holding hands, in unison. Nothing could be further from the truth.
A few weeks ago, I shared this graph (from the World Top Incomes Database) showing how the top 0.01 percent—that's the one percent of the 1 percent—was leaving the rest of the top percentile behind.
It's even more egregious than that. An amazing chart from economist Amir Sufi, based on the work of Emmanuel Saez and Gabriel Zucman, shows that when you look inside the 1 percent, you see clearly that most of them aren't growing their share of wealth at all. In fact, the gain in wealth share is all about the top 0.1 percent of the country. While nine-tenths of the top percentile hasn't seen much change at all since 1960, the 0.01 percent has essentially quadrupled its share of the country's wealth in half a century.
It turns out that wealth inequality isn't about the 1 percent v. the 99 percent at all. It's about the 0.1 percent v. the 99.9 percent (or, really, the 0.01 percent vs. the 99.99 percent, if you like). Long-story-short is that this group, comprised mostly of bankers and CEOs, is riding the stock market to pick up extraordinary investment income. And it's this investment income, rather than ordinary earned income, that's creating this extraordinary wealth gap.
The 0.1 percent isn't the same group of people every year. There's considerable churn at the tippy-top. For example, consider the "Fortunate 400," the IRS's annual list of the 400 richest tax returns in the country. Between 1992 and 2008, 3,672 different taxpayers appeared on the Fortunate 400 list. Just one percent of the Fortunate 400—four households—appeared on the list all 17 years.
Última edição por 5ms; 06-04-2014 às 15:48.
06-04-2014, 15:56 #2
The Rise (and Rise and Rise) of the 0.01 Percent in America...
It's the 40-year history of the rich, the truly rich, and the truly filthy stinking rich—the 1 percent, the 0.1 percent, and the 0.01 percent.
Who even are these people—the 1 percent of the 1 percent?
As Tim Noah explained, they're mostly executives and bankers. A 2010 study of the top 0.1 percent found that 61 percent of this group is either a banker or an executive/manager another big corporation. The rest are mostly lawyers (7 percent), doctors (6 percent), and real estate people (4 percent).
How'd they all get so rich? It wasn't the way the rest of us get rich. It wasn't their wages. It was something else.
The richer you are, the more likely your riches come from stocks, not salary. For the three groups graphed above—1 percent, 0.1 percent, and 0.01 percent—capital gains account for 22, 33 and 42 percent (respectively) of their average income. At the very tippy-top of the economy, the 400 richest tax returns analyzed by the IRS take home about 50 percent of their income from capital gains.
Practically all the growth in average income at the top comes from stocks. Between 1992 and 2007, the average salary of a top-400 tax return doubled, but average capital gains haul increased 13X. Wages are for normal people. The richest get richer from their investments.
As Matt O'Brien explained, the incomes of top-earners ride a roller coaster, and that roller coaster is the stock and bond market. Just look at top incomes compared with gyrations in the S&P 500.