Tuesday, March 25, 2014

Relatively rich talking about the poor

The top decile In US break up: the top 1 percent, the next 4 percent and the next 5 percent. In 2010, the 'bottom' 5 percent income ranged from 108,000 to 150,000 dollars for year, and for 4 percent above between 150,000 and 352,000. Among the members of this upper income groups are US academic economists... (from Piketty's Caiptal, Chapter 8. From the kindle page, it is difficult to give the page number). It seems that many of the Indians I know in US (as well as Australia) are in this upper income group. May be me too; my only asset is my house and superannuation which is around 2500 Australian dollars a month. The house which I bought for 150,000 dollars in 1995 seems to be around a million dollars worth now. So, I am probably a millionaire too. Is it mostly the relatively rich people, who never felt the pangs hunger (I did mildly but that was around 1960 when I was student), talking about the poor?

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