Trusters of the state frequently complain about “income inequality.” Yet Thomas Sowell points out that “the rich” and “the poor” are frequently the same people at different stages of their lives.
In fact, 56 percent of all households will be in the top 10 percent of income at some stage in their lives. See here. (Beginning around 3:00.)
Moreover, says Sowell (at around 3:30) a great majority of households in the top 1 percent are only there for a single year (frequently the year that members of the household sell a home or a business or inherit some wealth).
Only 13 percent of the top-earning one percent are there for two consecutive years.
