The myth of the vanishing middle class continues to be dead horse territory - a reliable target to beat. But rather than delve into the lack of logic in these arguments at this time, I will instead merely point out one momumental factual error by Peter Drier. And there is, of course, never any less reliable place to obtain facts from than a University professor.
Drier makes the incredibly bonehead statement that Los Angeles County has more billionaires than any other part of the country. But when one looks at any list or any set of statistics, New York has far more billionaires than LA both within its city limits or within its metroplitan area.
It's not even close.
And the overall San Francisco Bay Area also has as many - if not more - billionaires than Los Angeles.
Below is the latest figures I could find, though they are a little old.
There are now 313 billionaires in America, up from 262 counted last year; it's the largest number of billionaires ever on the list, the magazine said. The list shows California has the most resident members with 98, twice the number of the New York state, which has 49. But New York City still has the most 400 list members per city with 38, followed by San Francisco with 22 and Los Angeles with 19.
And while it has been over two weeks since this article was published (July 23rd) - there is still no correction in the Los Angeles Times.