August 22, 2008
Who are rich? Krugman in connection with the political question
McCain's "disconnect" (according to Moveon.org emails) from most Americans was arguably on display when he, caught off guard by a question from Pastor Rick Warren, said that someone was rich when they had an income of "$5 million." Video here. This comment inspired Paul Krugman, "Now That's Rich," New York Times, Aug. 22, 2008. In it he references Robert Frank's Richistan to challenge such a question by noting that there are many meanings and levels of "rich" -- personally I thought Krugman was a bit too quick to define lower Richistanis as being middle class, doing so in a way that while it may reflect the sentiments and perspective of those in that income bracket, would probably be seen as false when looking up rather than down income quintiles (as does both law professors and I assume Krugman as a syndicated author). The best graph I could find with U.S. distribution is here, but if you know of a better one, please let me know. Incidentally, Robert Frank has his own related blog, the Wealth Report, http://blogs.wsj.com/wealth.
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