If your kids think the only way to wealth and a fabulous life is by entertaining the masses make sure you show them the table below. I picked it up from current issue of Atlantic Monthly (of The Atlantic) which wrote yet another annoying piece on income inequality and why it's so much fairer in France than in the United States. The table does reveal some interesting trends that counter arguments about greedy executives, particularly those not in the financial industry.
I was shocked the medical profession ranked higher among the top one percent than lawyers, because I see so many MD license plates these days on Hondas when back in the day it was only Caddies, then BMW's and Mercedes. Be that as it may the number is decreasing for the medical industry and edging higher for lawyers (I bet more than 50% of executives in the top one percent have law degrees). It's clear that being an executive in closely held (read non-public) businesses has advantages of growing salaries without public scrutiny or scorn. It's also clear you don't have to be able to dunk a basketball to live to good life.
And I love America's winning spirit and relish the nouveau riche from the rapper, to the plastic surgeon, to the successful plumber, to the Wall Street executive.
There is a serious campaign of hate under the guise of caring for the less fortunate and if it's successful only a few professors and other elites will enjoy the good life while they dictate what we wear, eat and how we live.
US Economy and the Markets
The Atlantic used an old table of data to make a point, and new data coming in underscores my biggest worry about the stock market rally - the US economy. I've said all along America isn't living up to its potential or promise and wondered how long we could stumble sideways. The rally has been justified in my mind from #REALCORPORATPROFITS from global growth. Recently Europe has shown signs of life (more on that tomorrow) but not enough to offset any big dip at home. A major part of any economic success is people must believe - it is largely a self-fulfilling proposition which makes the latest survey from Gallup worrisome. The president's drop on the economy, taxes and federal deficit is spooking the nation.
Now they've run out of money and their incomes are declining - the last jobs report showed weekly income of $825 from $828 in June.