My latest at Mises Canada has some Krugman funnies and I also showcase this chart, followed by my commentary from the post:
This chart shows the percentage of wealth in the United States held by the 0.01%. That’s not a typo. I’m not talking about “the 1%,” and I’m not even talking about “the 0.1%.” No, I’m talking about the “0.01%,” in other words the wealthiest one-ten-thousandth of the population. As the chart shows, as of the year 2000 the fraction of wealth they held had been roughly flat since the mid-1980s, and moreover this flat trend was much lower than it had been through most of the 20th century.
Let me give you some more information about this graph, which probably surprises most readers who may have gotten their information from Krugman or Piketty. This graph isn’t based on unreliable survey data; no, it’s based on estate tax data–the kind that Krugman says he likes (at least when Piketty uses it to bolster his case for surging inequality). Further, let me assure you that this graph doesn’t come from the Heritage Foundation or the Cato Institute. No, it comes from a paper co-authored by Emmanuel Saez, who is a co-author with Piketty on many pioneering papers on inequality.
Does that surprise any of you? Is that the story you’ve been gleaning from those who talk of “inequality deniers”? (Yes, I’ve actually seen that term, so help me, I’ve actually seen that term.)