There’s Rich, There’s Really Rich, Then There’s the 0.01%

The news media seem to have discovered something that economic wonks and number crunchers have understood for quite a while: How much richer the super-rich are than everyone else, including the merely rich. Mathematically speaking, the difference between poor and rich is much smaller than the chasm separating the well-off from the stupendously wealthy.

We aren’t discussing income inequality, Obamacare or stagnant wages. I am aware that the poor in this country have no discretionary income, and that there are many disadvantages to being lower income in the U.S.: bad health care, poor nutrition, lower educational opportunities, limited economic mobility, even a shorter lifespan.

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