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Mupainurpleasure -> RE: France (5/8/2012 10:36:31 AM)
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ORIGINAL: tj444
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ORIGINAL: Mupainurpleasure
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ORIGINAL: tj444
Its late and i dont have the time or inclination to go further into this, what i have stated is my opinion and thats not going to change.. you believe whatever you want..
and as far as you not paying any income tax for 50 years.. lots of homeless and poor dont either...
opinons are ok and so are assumptions but the study of movement between quintiles is neither its fact
I was past the inheritance thing and my post about my opinion was about buffett and gates and how they grew up, how they made their money, etc.. your posts are confusing (not just posts directed at me, others of yours i have read) and also twist what i said, not to mention seem to confuse what others said in with mine..
As I already showed, it depends on whose stats you believe (is it 9% or 2%?), how they are calculated, what they take into account and exclude, etc. And imo, many of the rich that have made their fortune since the Depression are still alive (Buffett, etc) so until they die, their kids/grandkids wont be inheriting anything and so stats also reflect that.. Very few of the US forbes list are under 50.. The rich are living into their 80s & 90s, so once they start dying off, there could be a wave of increased inheritance once that happens (for the ones whose richie grandparents havent given it all to charity)..
nah the 2 poercent was bogus it was sourced to spectrum and I showed what their actual conclusions Spectrum reached were whch were more in the neighbor hood of a 33%. I question why you no longer take that report at face value onve it was shown the 2 percent was WSJkaka not the actual conclusion . Statistics are great as long as you dont lie with them and I pointed out how the numbers were doctored down by removing earning based off the inheritance which the spectrum group actually didnt do. You also cant escape the lack of movement beteween income quintiles. You can have an opinon but the lack of movement is a fact. I also pointed out with facts the enormous increase in earnings since 1989 for the top 1 percent if you double your slice of the gdp pie in 20 yrs of course inheritence means less. I agree we have mor millionaires. i disagree that they are as likely to come from any class. They are far more likely to be sons of the well off. born poor die poor born rich die richAmericans have historically viewed theirs as a meritocracy, but data shows that is not necessarily the case. “Most studies find that, in America, about half of the advantages of having a parent with a high income are passed on to the next generation,” the Economic Mobility Project study concludes. “This means that one of the biggest predictors of a child’s future economic success — the identity and characteristics of his or her parents — is predetermined and outside the child’s control.”
Clearly, prosperous parents can provide their children with good education and other advantages that are typically not available to people in lower income brackets. While some children of means will fail because of laziness, lack of talent or bad luck, the average person benefits from the initial leg up. Measuring inter-generational economic mobility by comparing the child’s income to the parents’, the Economic Mobility Project study finds that Americans are slightly more mobile than people in the United Kingdom, but less so than residents of France, Germany, Sweden, Canada, Finland, Norway and Denmark. In the latter four countries, people have two to three times the economic mobility of Americans.
A second study by the Economic Mobility Project found that “42% of children born to parents in the bottom fifth of the income distribution remain in the bottom, while 39% born to parents in the top fifth remain at the top.” Only about one-third of Americans were ranked as “upwardly mobile,” which required earning more than their parents as well as moving to a higher quintile on the income ladder.
Yes there are more millionaires yes being born rich is the single most important factor in dieing rich. In france it's merit here it's birthright
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