Schooling in the Ownership Society: The invisible rich

Schooling in the Ownership Society: The invisible rich:

The invisible rich

"Look out kid, they keep it all hid..." -- Dylan



In this morning's NYT column, economist Paul Krugman compares the invisibility of the poor in the popular culture 50 years ago, to the invisibility of today's one-percenters.

So Americans have no idea how much the Masters of the Universe are paid, a finding very much in line with evidence that Americans vastly underestimate the concentration of wealth at the top.

Is this just a reflection of the innumeracy of hoi polloi? No — the supposedly well informed often seem comparably out of touch. Until the Occupy movement turned the “1 percent” into a catchphrase, it was all too common to hear prominent pundits and politicians speak about inequality as if it were mainly about college graduates versus the less educated, or the top fifth of the population versus the bottom 80 percent.

And even the 1 percent is too broad a category; the really big gains have gone to an even tinier elite. For example, recent estimates indicate not only that the wealth of the top percent has surged relative to everyone else — rising from 25 percent of total wealth in 1973 to 40 percent now — but that the great bulk of that rise has taken place among the top 0.1 percent, the richest one-thousandth of Americans. 

Schooling in the Ownership Society: The invisible rich: