Some 94 percent of Americans who reach “top 1 percent” income status will enjoy it for only a single year. Approximately 99 percent will lose their “top 1 percent” status within a decade.
Now consider the top 400 U.S. income-earners—a far more exclusive club than the top 1 percent. Between 1992 and 2013, 72 percent of the top 400 retained that title for no more than a year. Over 97 percent retained it for no more than a decade.
– Chelsea Follett, High Turnover Among America’s Rich
If Wishes Were Buses
Like a major air disaster that leaves blackened wreckage scattered far and wide, Zohran Mamdani’s New York collision with reality hurtles ahead. The mayor-elect has once again put on display a key reason that catastrophe is inevitable. It is worse than just...