Wonderful times continue ......for the super-rich
To think people laughed at Ross Perot when he talked of the sucking sound.
http://www.latimes.com/news/local/la...,6491528.story
"Unaffected by the economic woes besetting the masses, the super-rich are going on creating palace-like complexes. One builder says he knows of 20 houses of at least 20,000 square feet in the works.
By Jessica Garrison, Los Angeles Times Staff Writer
June 12, 2008
In Beverly Hills, a 32,000-square-foot beaux-arts mansion that will be sheathed in Portuguese limestone and adorned with gold-plated doorknobs fashioned in France is rising on Sunset Boulevard.
A few miles away in Bel-Air, businessman Eri Kroh has requested permits to lop off the top of a hill, fill in a canyon and then, after moving some 68,000 cubic yards of dirt, replace the chaparral-covered lot with a 30,000-plus square-foot single family home with Pacific Ocean views.
Just down the hill, workers recently were building retaining walls for a giant lot that real estate experts say could soon feature one or two giant palace-like homes."
How times have changed.................
In 1992
Income ---Number of workers
1,000,000.00 — 1,499,999.99 ---10,819
1,500,000.00 — 1,999,999.99 ---3,913
2,000,000.00 — 2,499,999.99 ---1,957
2,500,000.00 — 2,999,999.99 ---1,196
3,000,000.00 — 3,499,999.99 ---695
3,500,000.00 — 3,999,999.99 ---479
4,000,000.00 — 4,499,999.99 ---347
4,500,000.00 — 4,999,999.99 ---249
5,000,000.00 and over -----------1,234
Total workers in range 20,889
In 2006
Income ---Number of workers
1,000,000.00 — 1,499,999.99 ---45,976
1,500,000.00 — 1,999,999.99 ---17,718
2,000,000.00 — 2,499,999.99 ---9,243
2,500,000.00 — 2,999,999.99 ---5,384
3,000,000.00 — 3,499,999.99 ---3,550
3,500,000.00 — 3,999,999.99 ---2,503
4,000,000.00 — 4,499,999.99 ---1,814
4,500,000.00 — 4,999,999.99 ---1,305
5,000,000.00 — 9,999,999.99 ---5,162
10,000,000.00 — 19,999,999.99 ---1,729
20,000,000.00 — 49,999,999.99 ----581
50,000,000.00 and over --------------126
Total workers in range 95,091
The median wage people
YEAR MEDIAN WAGE---TOTAL EARNING WAGE
1992 $15,610.40 ---75,525.953
2006 $24,891.59 ---77,172,685
The average wage people
YEAR AVERAGE WAGE ---PEOPLE EARNING WAGE
1992 $21,811 ---80,457,896
2006 $38,651 ---101,850,509
• The amount of millionaire wage earners increased by 455%
• The median income increased by 59%?
The area of compensation that saw the most growth was those with annual compensation above $5 million a year (615% growth) and those earning above $1 million (455% growth).
http://www.ssa.gov/cgi-bin/netcomp.cgi?year=1992
http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2006
I see a trend. A trend that shows the upper tier has grown very rapidly with capital flowing for them. The median and lower saw growth but capital didn't flow to them very well.
Can I conjecture that outsourcing and CEO pay helped to add to the capital flow for the upper tier?
For a long time I've seen a future of King & Queen classes ( a few Knights thrown in) and the remainder are knaves to serve the Kings and Queen.
Maybe that is why the powers to be have been fertilizing the "service sector?" Probably the same reason the elite don't want to stop illegal immigration.
One of my clients runs a family owned corp. As the saying goes, they make more money than you can shake a stick at. In this time of economic slowdown they are not sending employees packing to unemployment. Each family member (5 of them) is taking a smaller bonus out of the corp., which is a major portion of their income.
Compare that to the corps of today that surgically remove workers during good times and at the same time CEO pay goes on an astronomical rise.
