Category Archive 'The 1%'

05 Jun 2015

Nation’s Poorest 1% Now Controls Two-Thirds Of U.S. Soda Can Wealth

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SodaCans

The Onion quotes a devastating report identifying yet another form of startling inequality resulting in large-scale social injustice in America.

According to the sobering report, the disproportionate distribution of soda-can wealth is greater than ever before, and has become one of the worst instances of economic inequality in the nation’s history. Data showed that over-salvaging of cans by a small and elite group of can-horders has created a steadily growing and possibly unbridgeable gap between the rich and the mega-poor.

“Although our nation’s upper middle class actually consumes the most beverages, a staggering percentage of these cans wind up in the hands of a very few,” said economist Cynthia Pierce, who worked as a consultant on the three-year, $14 million government study. “It’s a troubling trend. And as a tiny fraction of the population continues to maintain its stranglehold on redeemable can wealth, it’s a trend that shows no sign of slowing.”

According to Pierce, the study points to a distinct economic advantage for the most can-affluent—those who possess the resources necessary to collect, transport, separate, and accumulate more and more cans than the rest of the population.

“Members of this exclusive group come from exceedingly poor backgrounds and have access to outrageously low levels of education, which makes them much better prepared to reap the benefits of digging around in garbage,” Pierce added. …

One canned individual cited in the study is can tycoon Will Dorsey, a 33-year-old Detroit resident who spent his childhood living off the funds collected from his family’s vast can holdings. At the age of 16, Dorsey inherited five carts and dozens of garbage bags overflowing with recyclables when his father passed away unexpectedly one cold December morning.

According to economist and New York Times columnist Paul Krugman, people like Dorsey, who maintain an ultra-poor lifestyle that is vastly different from the rest of the population, are egregiously out of touch with the everyday economic realities of mainstream America.

“Dorsey is one of those select few who come from old can money,” Krugman said. “They’re just hoarding their assets so nobody else can benefit. And then they parade down the street with their carts full of recycling.”

Read the whole thing.

Hat tip to Lynn Chu.

01 Feb 2012

Elizabeth Warren Is the 1%

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Holly Robichaud, in the Boston Herald recently, relished the hypocrisy with which class warfare is waged by the likes of Elizabeth Warren, a member in good standing of the privileged elite firing her revolutionary musket from atop the American class pyramid in Cambridge, Massachusetts.

Who was it who bitterly said no one gets rich on their own? None other than the self-proclaimed champion of the middle class, Harvard professor Lizzy Warren.

Well, she should know. After finally filing her financial disclosure forms, it is clear that Lizzy is a member of the 1 percent. …

Lizzy has suggested she believes it takes a village to get rich. Her experience indicates it actually takes a part-time job at Harvard. In 2009, her salary was $350,000 and she earned $429,000 for 2010 and 2011.

She also raked in $136,000 in royalties from her books, $10,000 for lecturing at a Boston law firm, $90,000 for consulting for a Florida law firm and $43,000 for working for Traveler’s Insurance. …

Let’s not forget the Oklahoma transplant earned a hefty salary for part-time government work. As a special adviser for President Obama, she was compensated $165,000 from September 2010 through August 2011 and she received $192,000 for serving on the Congressional panel overseeing TARP.

So we can say that based on her own experience, she’s at least part right. No one gets rich on his or her own . . . when they are working for the government. Because that’s taxpayer money.

Just like every other middle-class household in Massachusetts, her investments are valued at $3 million. Is her middle name Forbes?

Her home is estimated to be worth $1 million to $5 million. That doesn’t cut her out of the 99 percent because it is located in the politically correct neighborhood of Cambridge. It is middle class when you compare it to the pads of her fellow Democrats, U.S. Sen. John Kerry and Gov. Deval Patrick.

The only thing that could make her a more hypocritical class warrior is if she anchored a yacht in Rhode Island.

There is nothing wrong with being financially well-off. The problem is that Lizzy wants everyone in the 1 percent to feel guilty about their success while she lands another six-figure part-time gig.


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