“This is not class warfare—it’s math.”
On September 19th, President Obama proposed a deficit reduction plan that would be paid for by tax hikes for families making $250,000 or more annually, a group that makes up just 1.5% of the U.S. population. Conservative pundits expressed concerns that President Obama was either engaging in or encouraging “class warfare.” To this, President Obama responded, “This is not class warfare—it’s math.”
At the same time, an “Occupy Wall Street” protest began in NYC, and now similar protests have spread around the world. Protesters at such events have made a habit of chanting “We are the 99 percent” in reference to the fact that 1% of the nation’s population is taking home a quarter of all income in the U.S. each year (a phenomenon eloquently described by Nobel Laureate economist Joseph Stiglitz’s article “Of the 1%, By the 1%, For the 1%” in Vanity Fair’s May 2011 issue).