These numbers are from 1998, and so, out of date. They are on the "conservative side" as far as actuarial assumptions go. I'll use them, even though they are out of date.
The top 1% of U.S. population owns 38% of the country's wealth.
The top 5% owns 60% of the country's wealth.
This is where the needle-struck actuarial junkie has to be careful.
Must remember to always compare dill pickles to cucumbers.
I'm going to do some further adjusting to the GDP share per capita,
to adjust out the HEALTH INSURANCE TAX
Health Insurance Tax per capita calculations:
Total US GDP = $ 12.41 trillion
Total US population out of pocket share of GDP = 8.4%
0.084 * $ 12.41 trillion = $ 1.042 trillion
Total US population = 300,000,000
$1.042 T / 300 M = $ 3,473 the per capita GDP health care "hidden tax"
which I'm going to allocate equally over the entire population
THE LOWER 99
Top 1% of population (3,000,000) owns 38% of the wealth
.38 * $ 12.41 T = $ 4.716 T
Lower 99% owns 12.41 T - $ 4.716 T = $ 7.694 T
Lower 99% of population = 297,000,000
Lower 99% of population allocated health care hidden tax = $ 1.032 T
$ 7.694 - $ 1.032 = $ 6.662 T
$ 6.662 T / 297,000,000 = $ 22,431
$22, 431 = average per capita adjusted GDP for the lower 99% of US population
(Deutschland is starting look better and better).
OK. Here goes the same exercise, but for the lower 95%
THE LOWER 95
Top 5% of population (15,000,000) owns OVER 60% of the wealth
.60 * $ 12.41 T = $ 7.446 T
Lower 95% owns 12.41 T - $ 7.446 T = $ 4.964 T
Lower 95% of population = 285,000,000
Lower 95% of population allocated health care hidden tax = $ 0.989 T
$ 4.964 - $ .989 = $ 3.975 T
$ 3.975 T / 285,000,000 = $ 13,947
$13, 947 = average per capita adjusted GDP for the lower 95% of US population
Holy bloated flatulence batman! Freaking SOUTH KOREA is starting to look pretty good by comparison.
Okay, Joe Blows and Jane Schmoes .. how does THAT grab you darlins?
Y'all was livin high on dee hog, thinking you was feeding like pigs at the trough.
Whatcha think now?
I done just screwed y'all (including the wife and kiddies) out of
$ 42,000 - $ 13,947 = $28,053 EACH.
You don't like it?
Stop reading this blog.
(But wait, all you racist fundies, I got some GOOD news comin' right up in my next post.)
Okay. So, some of my more numerically literate readers out there are gonna protest.
Markus, you lunatic madman junkie actuary, YOU didn't screw 'em out of their wealth.
You just massaged the numbers. Something, (or somebody) ELSE screwed 'em out of their wealth (you egomaniacal solipsist).
Oh, let's compare now what things look like from the top 1%.
And don't forget the pickles/cucumber hidden health care tax thingie.
Top 1% of population "share" of GDP = $ 7.446 T
Top 1% hidden health care out of pocket tax = $3,473 * 3M =
$ 3,473 * 3,000,000 = $ 0.014 T
$ 4.716 - $ 0.014 = $ 4.702 T / 3,000,000 = $ 1,567,333 per capita upper 1%
- - - - - -
Okay, things aren't lookin all THAT good for the top 5%, they on dee outside
Top 5% of population "share" (but don't share alike) of GDP = $ 7.446 T
Top 5% of population hidden HC tax = $3,473 * 15M = $ 0.0521 T ($52 B)
$ 7.446 T - $ 0.052 T = $ 7.394 T
$ 7.394 T / 15,000,000 = $ 492,933 per capita upper 5%
You can understand why the 95th -99th upper percentiles of the population
are merely tolerated with mild amusement (for the most part)
by the upper 1%.
The 95-99 ers don't really have ANYTHING made.
Just a bunch of sniveling, glad-handed wanna be's.
I feel so sorry for their loss. And the trauma their progeny will have to face, knowing ... theirs is an inferior lot. A COMFORTABLE lot, albeit, but, inferior.
Mr Businessman song lyrics by Ray Stevens
Itemize the things you covet,
As you squander through your life:
Bigger cars, bigger houses,
Term insurance for your wife.
Tuesday evenings with your harlot,
And on Wednesdays it's your charlatan
analyst, he's high upon your list.
You've got air conditioned sinuses,
And dark disturbing doubts about religion.
And you keep those cards and letters going out,
While your secretary's tempting you.
Your morals are exempting you from guilt and shame,
Heaven knows you're not to blame.
You better, Take care of business Mr. Businessman:
What's your plan?
Get down to business Mr. Businessman if you can,
Before it's too late and you throw your life away.
Did you see your children growing up today?
And did you hear the music of their laughter?
As they set about to play.
Did you catch the fragrance of those roses in your garden?
Did the morning sunlight warm your soul,
Brighten up your day?
Do you qualify to be alive
or is the limit of your senses so as only to survive?