Category Archives: the rich

The 1 Percent Paint a More Nuanced Portrait of the Rich – NYTimes.com

The 1 Percent Paint a More Nuanced Portrait of the Rich – NYTimes.com.

Among the Wealthiest One Percent, Many Variations

KINGS POINT, N.Y. — Adam Katz is happy to talk to reporters when he is promoting his business, a charter flight company based on Long Island called Talon Air.

But when the subject was his position as one of America’s top earners, he balked. Seated at a desk fashioned from a jet fuel cell, wearing a button-down shirt with the company logo, he considered the public relations benefits and found them lacking: “It’s not very popular to be in the 1 percent these days, is it?”

[…]

As a member of the 1 percent, he is part of a club whose name conjures images of Wall Street bosses who are chauffeured from manse to Manhattan and fat cats who have armies of lobbyists at the ready.

But in reality it is a far larger and more varied group, one that includes podiatrists and actuaries, executives and entrepreneurs, the self-made and the silver spoon set. They are clustered not just in New York and Los Angeles, but also in Denver and Dallas. The range of wealth in the 1 percent is vast — from households that bring in $380,000 a year, according to census data, up to billionaires like Warren E. Buffett and Bill Gates.

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Read the full article here: The New York Times

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Filed under (big) business, inequality, society, the rich, USA

America’s Unlevel Field – NYTimes.com

America’s Unlevel Field – NYTimes.com.

Op-Ed Columnist

America’s Unlevel Field

Last month President Obama gave a speech invoking the spirit of Teddy Roosevelt on behalf of progressive ideals — and Republicans were not happy. Mitt Romney, in particular, insisted that where Roosevelt believed that “government should level the playing field to create equal opportunities,” Mr. Obama believes that “government should create equal outcomes,” that we should have a society where “everyone receives the same or similar rewards, regardless of education, effort and willingness to take risk.”

[…]

Let’s talk for a minute about the actual state of the playing field.

Americans are much more likely than citizens of other nations to believe that they live in a meritocracy. But this self-image is a fantasy: as a report in The Times last week pointed out, America actually stands out as the advanced country in which it matters most who your parents were, the country in which those born on one of society’s lower rungs have the least chance of climbing to the top or even to the middle.

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Read the full article here: The New York Times

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Filed under charter schools, college, economy, education, inequality, medical care, Obama Presidency, politics, poverty, society, the rich, unemployment, USA, welfare

The Politics of the Top 1 Percent – NYTimes.com

The Politics of the Top 1 Percent – NYTimes.com.

December 14, 2011, 11:51 am

The Politics of the Top 1 Percent

What are the political attitudes of the very wealthy?  How, and how much, do they differ from the less wealthy?  The combination of growing inequality, a weak economy, and Occupy Wall Street’s ability to focus political debate on inequality makes the answers to these questions particularly relevant.

One answer to these questions comes from a new analysis by Gallup that made the rounds last week.  By aggregating 61 polls from 2009-2011, they were able to measure the opinions of about 400 respondents with annual incomes of $500,000 or above.  Gallup reports only modest differences in their party identification: 57 percent of the 1 percent identify as or lean Republican, compared to 44 percent of the 99 percent.  There are virtually no differences in how they identify ideologically: 39 percent of the 1 percent identify as conservative, compared to 40 percent of the 99 percent.

But the Gallup analysis may overstate the similarity of the two groups.  A second study, authored by the political scientists Benjamin Page, Fay Lomax Cook, and Rachel Moskowitz and recently released by the Russell Sage Foundation, found that the politics of the very wealthy are strikingly different

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Read the full story here: The New York Times

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Filed under economy, inequality, politics, society, the rich, USA