We watched the movie The Pursuit of Happyness last night. It's a pretty incredible story and one that really leaves you feeling humbled. You lose perspective on how easy (relatively speaking) it is to be successful if you have the resources to support that pursuit. It takes resources to go to college or continue your education. If you're in the poorer end of the population, how do you invest in yourself? You need both the time and the money, either directly or via access to credit, to break out of that lower-class, paycheck to paycheck lifestyle. That's the economic perspective on the movie. The one that really touches you is what drives people to improve themselves. In this case, it was all about how Chris Gardener was trying to succeed simply to provide a home for his son. I suppose there is no better motivation. Great movie. I highly recommend it.
So there's rich, and then there's super rich. I recently read an article in the WSJ about the top 400 taxpayers based on income. Pretty incredible statistics. Those top 400, or what they call the "Fortunate 400", pulled in $85.6 billion in income in 2005. That's over $200 million each ... in one year! Here's a quick graphic to drive that home: Very impressive. There's all the obvious jaw-dropping statistics to go with that. For instance, to make the cut to be in the 400 you had to pull in at least $100 million. With an average of $200 million, that means there's people pulling in well over that number. Obviously, quite crazy numbers, and generally speaking not necessarily anything to be concerned about. I'm all for capitalism. But one of the more disheartening statistics was that adjusting for inflation, the minimum income to make the cutoff into the Fortunate 400 has nearly tripled since 1992. That's probably not a good sign as I imagine that...
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