Mr. Livingston doesn't address this. He also attributes the "global savings glut" of the past decade to excessive wealth even though Asian central banks probably played a larger role than rich Americans and claims that the "Bush tax cuts" caused the housing bubble by leaving those over-saving rich with too much money to play with even though three-quarters of the lost tax revenues stayed in the hands of people making less than $250,000 a year—the de facto threshold for "rich" established by the Obama administration.One, only about 2% of Americans make more than 250K/year, so yes, if you're making more than 98% the country -- you're rich.
Two, it's not a threshold for "rich" -- it's a marker for what the highest tax bracket should be.
And three, it was established by the Clinton administration.
Great job, Megan!