Quote:
Originally Posted by MTI
Many of today’s super-rich started out in the middle and make most of their money through work, not inheritance. Ninety-five years ago, the richest 1 percent of Americans received only 20 percent of their income from paid work; in 2004, that income proportion had tripled, to 60 percent.
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I suggest that this is an indicator that there still is significant opportunity in our economy.
I am much more interested in equality of opportunity than equality of results.
I'm sure the poorer 20% of are nation are significantly better off (economically) than the poorer 20% were 1 or 2 or 3 generations ago.
I experienced a massive economic shift about 12 years ago. I transitioned from upper-middle-class to lower-middle-class and had a medical condition that could not be diagnosed.
Lost my wife, the business, my wealth, etc. Affter a 2 year struggle I started to recover. I worked at $7/hr to $10/hr driving a van and delivering restaurant supplies to pizzeria. I was not an employee but received a 1099 which means I had no benefits and paid all my taxes.
My take-home cash was less than $1,000/month. I never considered nor applied for any gov't assistance. I lived on the edge of crime-infested neighborhood. I would step on needles and condoms each day as I walked out to my car ('81 300D) and go to work.
As I healed and grew I would be asked if I could find others who would work. There was no one, not one person, who lived in my neighborhood who was the least bit interested in working and they would ridicule me as I busted my but and they received more money sitting around all day doing nothing.
Besides a one time gift of $600 from family the only other material assistance I received (which were very important to me) was from a small church I joined.
I worked, prayed, struggled and grew. Three years ago stage 3 colo-rectal cancer struck. I worked, prayed, struggled and grew. Barring an unexpected development I will be a millionaire within three years, be providing employment to others and significant taxes to the gov't.
Every word I say here is true. And I'll bet you may average income over those critical early years was less than those that hetterasguy mentioned in his posting.
It's not money that is needed for others to succeed, it's gumption.
Now what have I done that others can't? What do I need the gov't to do to allow others to pursue the same path?
BTW - When I visited some friends recently from those times I noticed that my laughing neighbors are still back where they were 12 years ago talking about how it was the 'man' or the 'system' that was holding them back.