FROM THE STREET ABOUT WALL STREET! DOES ANYONE REALLY HAVE AN ANSWER?
Joseph Stiglitz explains how income inequality killed the "American Dream" and he puts to death the notion that everyone has the same opportunity to achieve it. Inequality has eliminated economic mobility and income inequality is the reason why the Unite States of America is so divided today! If you believe that resources are scarce as is crucial to the free-market fundamentalist belief system (or even if you believe in the scientific notion of the Conservation Of Mass), then it's easy to understand why the idea that one individual's wealth does not directly cause another individual's poverty is just false. Facts are more important than free market fundamentalist philosophical conjecture.
More abut Inequality
The American middle class, long the most affluent in the world, has lost that honor, and many Americans are dissatisfied with the state of the country. “Things are pretty flat,” said Kathy Washburn of Mount Vernon, Iowa. “You have mostly lower level and high and not a lot in between.”Nicole Bengiveno/The New York Times
The American middle class, long the most affluent in the world, has lost that distinction.
While the wealthiest Americans are outpacing many of their global peers, a New York Times analysis shows that across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over the last three decades.
After-tax middle-class incomes in Canada — substantially behind in 2000 — now appear to be higher than in the United States. The poor in much of Europe earn more than poor Americans.
The numbers, based on surveys conducted over the past 35 years, offer some of the most detailed publicly available comparisons for different income groups in different countries over time. They suggest that most American families are paying a steep price for high and rising income inequality.