Forget the 99%: How About 33%?

Get a job, hippie!

As the Occupy Wall Street movement comes to an end (yes, it IS coming to an end), one of the strongest messages from it that will be remembered is the concept of the 99%; that is the 99% (you, me, etc.) that have little in this world vs the 1% (Donald Trump, Snooki, etc.) that have everything in the world. It does not take an economist to realize that this premise is stupid, and just not true. The idea behind it though, that there is an income gap that is widening more and more every year in the United States, is very real. According to the latest census numbers, 33% of Americans live below or right above the poverty line. This is a pretty big deal, at least according to economists who know a thing or two about how economies should function. Click the NYTimes link below to read the full story, but basically the last time income inequality was as large as it is now was during the 1920’s, and we all know how that ended.

NYTimes