I heard this yesterday.
Here is what the transcript says.
This is the dirty little secret about the minimum wage, because it doesn't end up doing good things. It loses jobs, it raises prices, and the myth that there's families of four out there living off minimum wage. You know what nobody ever calculates here, folks? It's like when we do the poverty numbers. I'm going to get these out here in just a second. I've got it buried in the stack. When we calculate poverty; we never calculate any kind of government programs that people in poverty get. We simply calculate their wages, and if their wages are below the poverty line, they're said to be in poverty. But we don't add in the food stamps and all the other assistance that people in poverty get in this country, and that skews the whole thing. It's like that number that 16% of all wealth is controlled by 1% of the population. Those figures are absolutely worthless because the percentage of wealth that is calculated does not include the wealth -- and it is wealth, if you total it up -- that people in poverty receive as the good graces of the American people who pay for these social programs. Let me get the numbers, it will be the best way to illustrate it for you and rework the percentages.
Okay, let's do this. Instead of the top 1% making 16% share of total income, let's reduce it to 10%. Because liberals who love arbitrary numbers, as in the minimum wage will say, "Yes, that would be fair; 16% is unfair; 10%, that would be fair." Well, guess what, ladies and gentlemen? The calculation is wrong! This whole 1%, 16% thing is wrong. The figures are wrong. The conclusion is wrong. It's not new math or old math. It's simple arithmetic. They used the wrong total income. They leave out Social Security; they leave out transfer payments, tax-free income, income fudging income, and underground money income. They leave out -- the transfer benefits to people who are not in the top 1% changes the total income by almost 35%. When you factor in the income that is not tabulated in this 1%, get 16% of all, 35% of total income is not calculated, and when you add 35%, the top 1% are not getting 16% of all wealth. It's much less, because 35% of all wealth is not being counted. Thank you Alan Reynolds, Wall Street Journal today.http://www.rushlimbaugh.com/home/daily/site_121406/content/institute_2.guest.htmlThis was hilarious to listen to. He actually said later on that only EARNED INCOME is counted in these figures.... well I don't know if that is true but if it is that only makes it worse. The top 1% make drastically more than the "working class" from unearned income. Amazing.