Who Are The Top 1% and What Do They Do For a Living?

Mike Konczal’s article charts jobs and income growth of top one percent earners and the causes of changing income inequality. With evidence from tax returns the data shown in the article depicts that the top occupations are non-financial executives first, then financial professionals, followed by lawyers, real estate and medical professions.

Konczal’s article says that 60 percent of the top percentile of income goes to these top professions. The article points out that with the way corporation are structured under our laws that “a business exists only to enrich its shareholders, including, of course, senior managers themselves and this is done by paying out more in dividends that is earned in profits”.

This type of action is what upsets the people of the Occupy Wall Street movements, that the top one percent are “cashing out wealth during good times and then leaving workers and the rest of the real economy to deal with the aftermath”.

There’s good reason to focus on the top 1% instead of the top 10 or 50%. There is evidence that financial pay at this elite level is correlated with deregulation and the other legal changes that brought on the crisis. High-ranking senior corporate executives’ pay has dwarfed workers’ salaries, but is only a reward for engaging in shady financial engineering practices. These problems require a legal solution and thus they require a democratic challenge and a rethinking of how we want to structure our economy.

 

Title: Who are the 1 percent and what do they do for a living?

Source, Rortybomb, 10/17/11

Author, Mike Konczal

http://rortybomb.wordpress.com/2011/10/14/who-are-the-1-and-what-do-they-do-for-a-living/

 

Student researcher, Nicole Trupiano, Sonoma state University

Faculty Evaluator, Peter Phillips, Sonoma State University

Similar Posts:

VN:F [1.9.22_1171]
Rating: 10.0/10 (2 votes cast)
VN:F [1.9.22_1171]
Rating: 0 (from 0 votes)
Who Are The Top 1% and What Do They Do For a Living?, 10.0 out of 10 based on 2 ratings
Print Friendly

  • Brassdragon

    We need  the checks & balances again – Unions !

    VA:F [1.9.22_1171]
    Rating: 0.0/5 (0 votes cast)
    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  • http://www.facebook.com/angussun Gunther Ferris Angussun

    Unions aren’t a ready solution. 22 states are right to work states, the others aren’t. It’s these states that Unions thrive. Out of states most workers in unions are there not by choice. You can only get jobs if you join a union. These unions take from your pay check (along with taxes and in some cases state income taxes) in order to fund the union organizers. Unions are corporations too. The top level administrators get wealthy off of hard working laborers. I live in Tennessee, back in 94, I worked for the airport, for a major airline catering company. One catch. You had to be in the union. They took fees out whether you worked or not. If you got sick and missed work, you payed. If You filed any grievances, you were widely ignored by the union. Except on pay day. No, unions are not the answer, my friend. Unions are part of the problem. They’re just as bad as special interest groups, in that, they by politicians to remain where they are. They author their own laws and try to have them pushed through by the same said politicians.

    VA:F [1.9.22_1171]
    Rating: 0.0/5 (0 votes cast)
    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  • We_3patton

    Because you live in a “right to work” state. Your union has no power. Unions are why; you have a weekend, have paid holidays, get overtime, vacaton, etc… wake up the others down south and you might be able to make a good living and have a retirement!

    VA:F [1.9.22_1171]
    Rating: 0.0/5 (0 votes cast)
    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  • Pingback: 14. Who Are the Top 1 Percent and How Do They Earn a Living? | Project Censored

  • Pingback: Guest Post: 14 Who Are the Top 1 Percent and How Do They Earn a Living - Prepper News | Closet PreppersCloset Preppers

  • revzef

    I would like to know what they DO for a living. I already know how much they make and how much greater it is than what I make. But what do they do? When they get up in the morning, where do they go and what activities to they engage in that earn them a living?

    VA:F [1.9.22_1171]
    Rating: 0.0/5 (0 votes cast)
    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  • pitchfire

    Do the math as I have. If somebody had $50 Billion earned 5% simple interest on it, how much money do they “earn” each day?

    Now assuming that an average ditch digger can move 2 yards of dirt in 1 hour and makes $14/hr for doing so, how much dirt would that billionaire have to move to make his money the old fashioned way?

    Now take that amount of dirt and compare it to open pit mines and other natural sinks and pick your jaw back up off the floor after having imagined trying to move that much dirt single handed with a shovel like the real guy who earns it every day and is never compensated for his “work ethic.”

    VA:F [1.9.22_1171]
    Rating: 0.0/5 (0 votes cast)
    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  • pitchfire

    Does he really do the work of over 7,000 men? Mind you this is just the interest alone. The top ten private land holders in the U.S. own a collective of land that if gathered and made a state would be larger than Maryland. Is what they do or have done really so vastly superior to what others are doing? Did they really morally “earn” it? Or have they simply taken advantage of corrupted systems and privatized a disproportionate sum of the incentive to work leaving others (the bottom %’ages) without the incentive to work.

    At the bottom we see the “Iron (or Subsistence) Law of Wages” playing out, but at the top we see “The New Midas Touch Law of Elite Wages” as more extravagance than the world has ever known.

    What they don’t realize is that by keeping the profits to themselves they guarantee a world unfit for them to enjoy their wealth, requiring ever more isolation from the ills they cause. Whereas had they chosen to socialize profits equitably they would still have as much wealth as they could reasonably use and yet be surrounded by so many other happy, successful, fulfilled people that their own lives would be much happier.

    They are the new owners of the Triangle Shirtwaist Factory and doing no better with it.

    VA:F [1.9.22_1171]
    Rating: 0.0/5 (0 votes cast)
    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
Order the New Book!
Log in -