American Dream Myth - Stiglitz on Income Inequality

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 Is No Longer the World’s Richest

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.

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Comment by Seuldieu Richard on June 14, 2014 at 12:00am

This is out of control.  Watch this trailer.  We have to get in the game and win.

Comment by Stephen Pettiway on June 2, 2014 at 6:36pm

What this means to me is that the Gold Standard is always been the most stable thing to do, so if you have an opportunity to control the Market, then buy up as much Gold as you can, create your own economic base within a certain region rather it be the Ghettos of Camden or the Hightlands of Hollywood and control our own destiny.

Comment by Xavier Taylor on May 24, 2014 at 10:07am

So this tells me the whole thing is rigged. To think no matter how hard I work to get ahead I will still end up behind. This is a big joke.

Cumon Man!!!!  

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