CNBC ran today an article debunking three myths about “income inequality.” The best part is this:
Of those who made $1 million or more, half were millionaire earners for only one year between 1999 and 2007. Only 6 percent were millionaire earners for the whole period.
Among the top 400 earners in America, 73 percent made the 400 list for only one year between 1992 and 2009. Only 15 percent made it more than two years.
As the IRS said in a June 2012 analysis of the dynamics of high earners, “The data reveal a mostly changing group of taxpayers over time.”
Basically, statistics show that you can be poor today; a millionaire in five years from now and on Food Stamps a year later. THIS is the beauty of a capitalist society or what’s left of it: opportunities are reachable for everyone whereas in Marxist and Communist-run countries only a selective few stay in the permanent privilege class, until of course they get publically executed…