What is the simplest way to define the 1% ?

[clarice]

A friend and I were having this discussion yesterday. The more I thought about it,
the more it seemed like a very broad term. Is it ALL rich people ? Some of the rich people?
Is there a specific dollar amount threshold that defines the 1% ?

Thanks in advance.

[RKP5637]

1. I think it's greater than 1%. All rich people are not users treading on people, but

enough are. Here's a good summary on the thresholds: http://www.washingtonpost.com/blogs/wonkblog/post/who-are-the-1-percenters/2011/10/06/gIQAn4JDQL_blog.html

[clarice]

2. Thanks....good link

I understand how the wall street sharks.....Boesky, Soros, Buffet,
could be labeled as 1%.......but how about people who started a
business, took a risk, played by the rules, worked hard and earn "over the
threshold" I'm just not sure that they qualify as 1%ers

[RKP5637]

5. Neither do I. It's too broad a brush to me. n/t

[Maedhros]

7. Yes, they "played by the rules"...

...rules which were stacked in their favor and which allowed their fortunes to be amassed at the expense of working people.

They may not have evil intent, but they are still benefiting from a rigged system. The people are not the problem, the rigged system is.

[clarice]

16. So, everyone that is rich has benefited from a rigged system? nt

[Maedhros]

18. At some point, yes.

Rich people in western Europe and the United States benefit from resource extraction activities directed by those countries against third world nations unable to resist. One cannot separate the rich benefactor from the system from which he amassed his fortune.

Every fortune amassed comes at the expense of thousands of people living in poverty.

[clarice]

19. With all respect....

I think that you are painting with a VERY broad brush.
Believe me, I'm no fan of Soros, Rothschilds and the other robber barons,
but I do disagree with your "Every fortune amassed" statement.

I'm curious, how would you remedy the situation?

[Maedhros]

20. There is a finite amount of resources and wealth in the world.

If people like Soros etc. amass huge amounts, far in excess of their share, then that excess must be offset by someone else having much less that their share.

The mechanism is simple: American corporations extract resources from a third world country, depriving that country's citizens of their opportunity to benefit from those resources. The corporations then transfer the resulting wealth to their stockholders.

I'm guilty of this as well - my standard of living is propped up by thousands of third world citizens who have been exploited for their resources and their cheap labor.

The solution is to stop being a consumer society. Moving beyond capitalism would help.

[clarice]

22. Again, respectfully...

I agree with the "finite resources" part.
But many people fall into the trap of believing in "finite wealth"
Wealth can be created and assimilated by new products, new ideas,
an upgrade to an old idea etc. I don't believe that there is a finite sum of money in the
world that everyone has to fight over. Perhaps this is true in Socialist countries
where entrepreneurship is discouraged.

Curious, what did you mean by moving beyond capitalism?
What system would you like to see instead?

[FiveGoodMen]

29. Adding more money without more resources doesn't do much

Yes, newer, more efficient products and processes can help everyone at the same time, but mostly it's resources that we fight over.

[CrispyQ]

26. I totally agree.

On a global scale, a lot of us in the middle class are the 1%. US corporate exploitation of the developing world has benefited me greatly, even though in this country I am lower middle class. The rich have benefited even more.

These articles should be required reading for Americans: http://www.thirdworldtraveler.com/Blum/William_Blum.html

I'm particularly fond of this one: http://www.thirdworldtraveler.com/Blum/US_Interventions_WBlumZ.html

Someone else agrees with me.

The Author Who Got A Big Boost From bin Laden

http://www.washingtonpost.com/wp-dyn/content/article/2006/01/20/AR2006012001971.html

Twenty-four hours after Osama bin Laden told the world that the American people should read the work of a little-known Washington historian, William Blum was still adjusting.

Blum, who at 72 is accustomed to laboring in relative left-wing obscurity, checked his emotions and pronounced himself shocked and, well, pleased.

"This is almost as good as being an Oprah book," he said yesterday between telephone calls from the world media and bites of a bagel. "I'm glad." Overnight, his 2000 work, "Rogue State: A Guide to the World's Only Superpower," had become an Osama book.

[GeorgeGist]

9. Really ...

you think Bill Gates is worth 50,000 Million dollars? I don't give a damn how hard he worked, he couldn't have worked that hard in 1000 lifetimes.

[clarice]

17. Maybe he's smarter than the average bear ? nt

[Maedhros]

21. Smarter? Nah. Cutthroat capitalists are cutthroat.

Gets the job done.

[clarice]

23. With all due respect...

That is a very dismal outlook.

[Maedhros]

24. American culture lionizes the barons of capitalism.

We raise them up on pedestals, just because they amass huge fortunes. I don't find any inspiration in these John Galts. I'm inspired by fathers and mothers and teachers and thinkers and poets.

[clarice]

25. Me too. nt

[Rex]

3. Greedy beyond rational thought.

It is the 1% of the 1%. All others need not apply until they reach the 50 billion dollar club.

[clarice]

4. 50 billion club !!!????? lol. nt

[Nye Bevan]

6. Ummm... it's the richest 3.14 million people in the United States

by definition.

[baldguy]

8. The scum that floats to the top.

[clarice]

15. What if they WORKED their way to the top? nt

[Drew Richards]

10. Parasitical

[Munificence]

11. I'll take

"Those that control our politicians for $200 Alex".

[Shandris]

12. Whats the single most expensive house, car, plane, and medical bill you can possibly have?

Sum that up and anything 15% or so larger than that. I don't mind people having luxurious goods, but having more than they'll use of those goods is beyond wasteful. The medical bill part is self-explanatory.

IOW, if its more than you could possibly spend when determined to spend some money...you have too much money.

[oldhippie]

13. You won't get a consensus definition. It's a concept ...

As you can see, it's a slippery subject.

[clarice]

14. Yes, i can see that..thanks OH. nt

[CrispyQ]

27. I like calling them the 1%.

It's easy & it doesn't lump the good rich in with the asshole rich.

[FiveGoodMen]

28. "A bunch of mindless jerks who'll be the first against the wall when the revolution comes"?

[Louisiana1976]

30. I like that definition.

[FiveGoodMen]

31. I stole it from the Hitchhiker's Guide to the Galaxy

http://hitchhikers.wikia.com/wiki/Sirius_Cybernetics_Corporation

The Sirius Cybernetics Corporation is the primary manufacturer and supplier of androids, robots and autonomic assistants for the known universe. They are known for their catchy jingles and catchphrases, supplied by their Marketing Department.

They are not, however, known for the quality of their products.

The Hitchhiker's Travel Guide describes the Marketing Department of the Sirius Cybernetics Corporation as:

"A bunch of mindless jerks who'll be the first against the wall when the revolution comes."

[clarice]

35. OMG.....I should have caught that one. lol

[clarice]

33. Which revolution is that ? nt

[FiveGoodMen]

34. See post #31

IRL, we'll have to wait and see.

[applegrove]

32. People who are not just rich, but are using it to buy our government