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View Diary: Fiscal inequality: Godzilla vs. Ants (179 comments)

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  •  This is exactly right, but consider further . . . (1+ / 0-)
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    There is really one, and only one, dividing line between the truly wealthy and everyone else.

    Yes, it's great being in a high income bracket, having some savings put away in a 401(k), owning a house, and not having to worry (financially) if someone gets sick or the car breaks down.  It's a lot better than being in the bottom 80%.  But it's not truly wealthy, because even these guys depend on their income and have to work for a living.  If they lost their job, they wouldn't immediately starve, but they'd be hurting pretty quickly.  

    The truly wealthy are those who have sufficient capital that they don't have to work for a living.  They can live off the interest on their savings, or the dividends on their stock, or the trust fund their daddy left them.  That is the true dividing line.    

    "[W]e shall see the reign of witches pass over . . . and the people, recovering their true spirit, restore their government to its true principles." Jefferson

    by RenMin on Sun Nov 20, 2011 at 11:03:47 AM PST

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    •  according to IRS figures the wealthiest 0.01% (3+ / 0-)
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      mumtaznepal, splashy, kurt

      have incomes above $10 million per year, and make only 19% of that from job or salary income.  That means that if they all became unemployed tomorrow, the poor little dears would have to limp by on a mere $8.1 million a year at minimum.

      I think they can manage, though they may have to sell one of the gold-plated toilet seats. Life sucks.

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