STIGLITZ: 'The American Dream Has Become A Myth'
The Trader.se directs us to an interview he recently gave to Der Spiegel:
Read the full interview (in English), conducted by Alexander Jung and Thomas Schulz, on Spiegel.de.
...the American dream has become a
myth. The life chances of a young US citizen are more dependent on the
income and education of his parents than in any other advanced
industrial country for which there is data. The belief in
the American dream is reinforced by anecdotes, by dramatic examples of
individuals who have made it from the bottom to the top — but what
matters most are an individual’s life chances. The belief in the
American dream is not supported by the data.
The doom doesn't stop there:
There has been no improvement in
well-being for the typical American family for 20 years. On the other
side, the top one percent of the population gets 40 percent more in one
week than the bottom fifth receive in a full year. In short, we have
become a divided society. America has created a marvelous economic
machine, but most of the benefits have gone to the top.
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