Talking About Rhode Island’s 1%

The interesting part of PolitiFact RI’s review of an income-inequality statement by labor heavyweight George Nee isn’t that the reporters gave him a Mostly False (or couldn’t bring themselves to give him a full-on False), but the line that it draws for the 1% in Rhode Island (emphasis added):

Nee also directed us to a Jan. 26, 2015, report and data compiled by the Economic Policy Institute, another Washington, D.C.-based liberal economic think tank. It compared each state’s highest earners — the top 1 percent — with everyone else.

The institute reports in Table 2 that in 2012, the average income of Rhode Island’s top 1 percent was $966,071 . That’s less than the $1.3 million U.S. average. …

(That report, by the way, concludes that your income needs to be at least $314,647 in Rhode Island to be in the top 1 percent.)

One wonders what sort of people make up this group of roughly 10,000 Rhode Islanders.  Investment types, successful business owners, lawyers, doctors, and so on, probably.  According to the RI Center for Freedom & Prosperity’s RIOpenGov payroll application, it also includes the University of Rhode Island’s basketball coach and university president.  One surprising member of the 1%, apparently, is Neil Steinberg, the President of the Rhode Island Foundation.

Most folks think of the RI Foundation as a mainly charitable organization, but it’s also been investing in socialistic enterprises, like RhodeMap RI, and other political manipulations of the state’s economy.  It’s odd to find that effort headed by somebody with (in the Economic Policy Institute’s words) “outsized” income.

It isn’t clear from the liberal think tank’s report whether it’s measuring household income or individual income.  If it’s the former, of course, Rhode Island’s government and its satellites would account for many, many more members of the 1%.  I mean, even some retired state workers have pensions that would suffice as half of a 1% income level.

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