Turns out Wall Street doesn't actually make up the majority of the top 1 percent. Oops.
It turns out the finance sector only makes up 14% of the top 1% of American earners, says this CNN Money report. Executives in other industries make up more than 30% of America's richest cohort. Medical professionals compose close to 16% and lawyers are 8% of the top 1%.
Meanwhile, no one is immune to the weak economy. The threshold to make it into the 1% club was over $424,00 in 2007. Today, it's $343,927. That's in large part due to the stock market crash. The number of bankers in the elite echelon might also shrink thanks to lousy earnings on Wall Street this year. Lots of bankers, traders and hedge fund managers will still take home big six figure paychecks, but for many it will likely be less than they earned the prior year. Bonuses on Wall Street may fall as much as 40% from a year ago, reports the Wall Street Journal.
Not only is Occupy Wall Street unorganized in their demands and end goals, they are also a disaster when it comes to who they should actually be protesting according to their own 1 percent rule.
|Katie Pavlich is the Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is a New York Times Best Selling author. Her new book Assault and Flattery: The Truth About the Left and Their War on Women, will be published on July 8, 2014.|
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