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From: tan@ihlpg.UUCP (Bill Tanenbaum)
Newsgroups: net.politics
Subject: Re: Welfare
Message-ID: <1728@ihlpg.UUCP>
Date: Mon, 24-Mar-86 16:02:19 EST
Article-I.D.: ihlpg.1728
Posted: Mon Mar 24 16:02:19 1986
Date-Received: Sat, 29-Mar-86 09:21:45 EST
References: <386@drutx.UUCP>
Organization: AT&T Bell Laboratories
Lines: 22

> > [Tom Keller]
> > You
> > conveniently fail to note that by far the *VAST* majority of the wealth in 
> > this nation is owned and controlled by a very few people.
--------------------
> [Dave Olson]
> Tom, this is just not true.  Indeed, there are only a few "rich" people.
> However, although I can't give you a source right now, a couple of weeks
> ago it was reported on the radio that something like 70% of the wealth
> in the US is held by about 65% of the people, i.e. the middle class.
--------------------
Dave Olson's statistic is certainly true, but totally meaningless.
In every country in the world, 70% of the wealth is held by 65% of the people.
Proof:
1)The wealthiest 65% of the population certainly owns MORE than 70% of the
wealth.  (Unless the wealth is distributed almost precisely evenly)
2)The poorest 65% of the population MUST own LESS than 70% of the wealth.
3)Therefore, some 65% in between must own 70% of the wealth.

The proof assumes that no one individual owns more than 1% of the wealth.
-- 
Bill Tanenbaum - AT&T Bell Labs - Naperville IL  ihnp4!ihlpg!tan