love that economic mobility chart, just three bars that say some high percentages with zero analysis. I wonder where such robust data came from? Oh look, a citation
American Enterprise Institute
Wish I could get paid to be an annoying blowhard online
edit: oh my God it doesn't even come from like a journal article, it comes from a 12 slide power point whose final answer to if there's a meaningful degree of economic mobility in the US is literally "it's difficult to arrive at firm conclusions"
This is like high school essay written at 2 am levels of bad
I can't resist picking this apart some more
This is super misleading. He makes it sound like this income is from self-employed people, independent contractors classifying their work as a single-employee business for tax purposes. But, If you read the study he cites what you find is that these pass-through businesses are still ultimately paying their owners from profits. They have employees. The difference between them and a public corporation is that they're owner-managed instead of hiring a corporate suite. This is like saying CEOs technically earn some large percentage of their income through a salary and bonuses, so they're part of the working class
The study makes an interesting point in showing that these businesses tend to fail when the owner dies or retires, but they make no claim that this is because the owner was doing enough work to constitute all of, of even a majority of the firm's revenue, just that their management was part of the firm's success. They acknowledge that
That isn't working class Noah.