"1%" has become for the left of the country what "socialism" has become for the right.
It's basically the same tactic McCarthy made use of, back in the day, and to great effect. A group selects one word, or a phrase, and begins using that word as a tag for every negative issue they perceive. For the right, "socialism" gets attached to abortions, gay marriage, lack of employment, etc. "1%" becomes a term for everyone who makes more money than you do, for the left.
Eventually, the word itself is lost - in McCarthyism, "communist" stopped meaning "one who practices communism" pretty quickly. Without realizing it, people forget what the word means, and only focus on its association with everything they place negative value on. People start having a shared understanding of the negativity, without having the same concept attached to it; for one person it means a weakened economy, for the person standing next to him it means prayer in school, but they don't say those things. They say "socialism," or what have you.
It gets to a point where all one has to do is say the magic word, and it doesn't matter what their actual point was. Ten thousand people hear ten thousand things in that one word, without any of it being accurate, but they all agree.