How the upper middle class keeps everyone else out
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Channel: PBS NewsHour
Views: 1,367,522
Rating: 3.8844347 out of 5
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Length: 7min 9sec (429 seconds)
Published: Sat Aug 05 2017
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The idea that someone in the top 20% has to go down for another person to make it into the top 20% is a bit of a deception. If I am right at the 80th percentile and another person, who was previously below the 80th percentile, makes a bit more than me this year (assuming same population and no one else changes) I am now out of the top 20% but that doesn't mean my income or wealth has dropped. It may have even gone up. It just means that someone else increase faster. Of course percentages are a zero sum game - you only have from 1-100%. But he said it in a way that makes you think someone has to loose for someone else to gain and that is not necessarily true.
No one gives a shit if it's the 1%, the 10%, or the 20%. We decry "the 1%" because it's catchy, but the actual details are trivial. The point is there is severe wealth inequality, regardless of where you choose to draw the line. Trying to find different slices of the top to have a better place to point the finger is masturbatory at best.