Lawyers make an average of about 140k a year. Dentists 175k. Doctors, yes higher at 300k (don’t forget we spend 10-20 years accumulating debt and training with huge opportunity costs). But he’s off by a factor of 2-5x. Why not talk about the actual 1%?
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Finally “guilds that stifle competition”? Against whom exactly are we competing? Quacks? You want competition between dentists and what exactly? A random guy with a hammer? I am sure it is not his objection that our training and testing are expensive and exclude the poors...
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Even when my husband was alive and we had two doctor salaries, we were only in the top 5-10%.
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David Brooks promoted the invasion of Iraq so yeah
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Not that David Brooks isn’t a font of bad takes but the column gives a number: 14.5% of lawyers are in the top 1% of income earners. Is there data that disputes this?
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Oh I believe it. People in the 1% may oftrn have professional degrees. But it is not the general outcome of those professions is what I’m saying. It’s not the “guild” it’s the 1% of us who specialize in ultra-lucrative things. The overwhelming majority of us are not 1%.
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Also, the "top 1%" is a nonsense category, because within the top 1%, the top fraction still drives the bus. While the top 10% and top 1% have pulled away from the rest, the top 0.1% have pulled away from even the top 1%.
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If the system was only so broken that a mere 1 in 100 of us were doing outlandishly well, IT WOULD BE A SUBSTANTIAL IMPROVEMENT. The truth is that the real beneficiaries of the current system are more in the nature of 1 in 10,000 or even 1 in 100,000.
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Where did he get this statistic?
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He’s using the fact that small minorityies of docsand lawyers are 1% *earners* to suggest we resemble in some way the born rich, capital gains earning billionaires that are the 1% wealthiest.
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