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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (301782)	8/30/2006 6:46:48 PM
From: TimF	Read Replies (1) \| Respond to of 1576124

Tim, without even reading a single study, the average person knows anecdotally that billionaires are not making then losing their money on a rotating basis at the percentage level Armey is suggesting even in a timeframe as long as nine years. That's either a non-sequitur, or an irrelevant conclusion. You could also call it a straw man. Neither Armey or I have said or implied that billionaires lose their wealth so frequently. My posts and my quotes of Armey and others haven't been about billionaires. The comments where about the top 20%, second 20%, third 20%, second to last 20% and the poorest 20%. To reach the top 20% you need an income of under $100k a year, we aren't talking about billionaires, or the top 10 or top 25 richest people in the US. Once again - "According to the tax data, 85.8 percent of filers in the bottom quintile in 1979 had exited this quintile by 1988. The corresponding mobility rates were 71 percent for the second lowest quintile, 67 percent for the middle quintile, 62.5 percent for the fourth quintile, and 35.3 percent for the top quintile." In other words 85.8% of people that where in the poorest 20%, where no longer in the poorest 20% 9 years later and over a third that where in the richest 20% dropped out of that group within 9 years. Saying that the majority in the poorest 20% are no longer in the poorest 20% 9 years later says nothing about billionaires.