For “progressives” these days, the Great Evil seems to be the so-called “one percent”. They want you to think that the “One Percent” are the “mega rich.”
They think the “1%” are this:
However, it shows their lack of understanding of math, statistics or even common sense. The phrase “1 percent” came about because of the notion of _The Millionaire Next Door_, that 1 in every hundred Americans has a net worth of a million dollars or more in savings, and most of them live in middle-class neighborhoods. That includes upper-middle class professionals like doctors and lawyers, and retirees.
If the “1 %” really means retirees with a million or more in savings, let’s look at that. Let’s look at person retiring at 65 with a net worth of $1,000,000. Let’s say the person’s home, originally purchased for $70,000 40 years ago, is now worth $250,000. That leaves $750,000 in net worth from retirement investments. So the person has that, plus Social Security, to live off of.
If a 65 year old has $750,000, and lives to be 95, for those of you who think that the 0.1% are the 1%, that’s $750,000/(95-65)= $750,000/30 = 25,000 per year, without interest.
The true “1 percent” look more like this: