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Jon said...

Rather than looking at short term mobility, this study addresses how fathers compare to sons. In the US you're more likely to remain in the same income bracket as your parents than in most other modern countries, meaning the US is more oligarchic than is typical.

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PeakTrader said...

Jon, it could mean a stronger family, and weaker government, means higher income, or a difference in values.

Creating $1 of value for society and earning $0.50 does not equal creating zero value for society and taking $0.50.

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PeakTrader said...

RJS, your article states:

"The ‘success sequence’: finish schooling, get a job, get married, have babies...at the rate they did in the 1970s, the poverty rate would be cut 70 percent."

The failure sequence: Have babies (with multiple partners), get on welfare and drugs, complete a GED, and eventually work at McDonalds.

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Jon said...

I think, like the majority of Americans, that the extreme inequality in the US is a problem on many levels. It undermines democracy. The poor just don't have access to the political process. The political process is run by the wealthy. And they like to expand their wealth even further. How do they do it? Not by innovating. That's hard. They figure out ways to redistribute more of the revenue into their own pockets. That's a natural consequence of severe inequality. There are many other negative consequences.

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PeakTrader said...

Jon, there's nothing wrong with "extreme inequality" when those at the top are adding "extreme value" to society.

Extreme value benefits everyone (although, some more than others), while no value benefits no one.

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