PSID data show that by age 60:
- 70% of the population will have experienced at least one year within the top 20th percentile of income;That means the majority of Americans have spent at least a little time in the top 20th percentile of income with more than half in the top 10th percentile. You couple this with the fact that almost all Americans actively strive to get into that top 20 percent. That is why this income inequality issue falls by the wayside. People don't care about minimum wage when most Americans do not want to make that amount again if they can help it. So when the Dems attack something that many Americans work hard for then their economic message is drowned out.
- 53% of the population will have experienced at least one year within the top 10th percentile of income; and
- 11.1% of the population will have found themselves in the much-maligned 1% of earners for at least one year of their lives.
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