ANNALS OF THE 1 PERCENT: Union Boss Richard Trumka makes eight times as much as the average American.

UPDATE: Reader Dan Heskett writes: “Union Boss Trumka’s payof $264,827 is not enough to earn him the “1 percent” title you bestowed on him. Depending on the source and calculation method, that’s a solid 30% below what is needed to get him to the top 1%. It certainly appears he’s in the top 5%, however.” A fair point, and noted. Wow, it’s been a big morning for corrections around here. Well, I don’t promise not to make mistakes, just to fix ’em when I find ’em.

ANOTHER UPDATE: Reader Kawika Lucas says I should stand my ground:

Just wanted to note that your initial use of “Annals of the 1%” was used correctly independent of how much Trumka makes. Occupy * doesn’t actually care if you are part of the 1%, nor do the majority of people who use the term 1%ers. 1% is really a euphemism for a group or person who is to be targeted independent of their actual salary or financial status. All you need to do with look at Occupy Wall Street to know that they didn’t differentiate between the people making between $60,000 – $300,000, the shop/restaurant owners, residents, and the Execs making Millions. They saw Wall Street as a monolithic entity and any affiliation with it was enough to taint you as the 1%.

After watching so many videos of the Occupy movement, i’m not sure any of the occupiers could even tell you what salary is needed to reach the 1%.

Well, good point. And of course, if Trumka’s is married to a woman who earns even a moderately decent salary he’s right back in the economic 1%. But maybe he’s married to someone who’s never worked a day in her life.