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Writing in today’s Wall Street Journal, Jim Piereson helps us to better understand just who are in America’s top 1 percent of income earners.  A slice:

The top earners depend heavily on salaries. In 2010 the top 1% earned 36% of their incomes from salaries and wages (what the CBO calls labor income), 22% from businesses, farms and partnerships, and just 19% from capital gains. The majority of their income would thus be taxed today either at the corporate or the highest marginal rate rather than at the lower capital-gains rate of 23.8%.

Wanna get a sense of the size of labor-unions’ political contributions relative to those of, oh, the Koch brothers?  Mark Perry has the picture.

Speaking of political contributions, I wonder if billionaire Tom Steyer will cause as much anguish among “Progressives” as do, oh, the Koch brothers.

My friend Ross Kaminsky reminded me that many years ago I wrote this little piece on puffery.  I post it here simply so that I can more easily find it in the future if I need it.

David Henderson is less impressed than Tyler Cowen seems to be by Jason Furman’s performance in the White House.

Gene Healy explains why U.S. presidents emphatically are not worth celebrating.  (Duh!  They’re politicians – members of a profession as worthy of celebration as are, say, house burglars or purveyors of Ponzi schemes.)

John Cochrane makes available this 2008 video of Eugene Fama explaining the efficient-markets hypothesis.