During the president’s speech today someone somewhere decided he’d said the average income of people in the 1% was $27 million, wildly higher than it actually is, which is a bit over $1.2 million a year. Only he didn’t say that. He said that was the income of the top 100th of the 1%.

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If you click here now you can see the tail end of President Obama’s speech this afternoon. But if you missed it you should read the transcript. Because it’s clear that this is the ‘big speech’ that will be the reference point for President Obama’s reelection campaign going forward till next November.