Saturday, December 11, 2010

Ah, the old "they spend a lot on housing and education, so they're not rich" wingnut meme.

From VDH.
Is annual income a good gauge of wealth? Who is richer — the architect in Monterey, Calif., who makes $250,000 a year and who paid $700,000 for a modest house while picking up the full tab of $50,000 a year for his daughter at a private liberal-arts college, or the engineer in Salt Lake City, Utah, making $100,000 a year who has a house twice as large at half the cost, and whose son is on a need-based scholarship at the university?
I always love this argument. The guy making $250K a year is in the top 1.5% of earners, and the guy making $100K is in the top 15%.

So they're both rich.

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