In praise of inequality

wnd.com ^ | 4/30/2019 | John Stossel

[rktman]

The media claim in America there’s “a lack of income mobility” – that people born poor are likely to stay poor.

Some do. It’s true that people with rich parents have a big advantage. But it’s a myth that Americans are locked into their economic class.

Economists at Harvard and Berkeley crunched the numbers and found most people born to the richest fifth of Americans fell out of that bracket within 20 years.

Likewise, most born to the poorest fifth climb to a higher quintile. Some make it all the way to the top.

In fact, says Roth, “3 out of 4 Americans will hit that top 20 percent at some point in their lifetime.”

You see America’s income mobility on the Forbes richest list. Most of the billionaires are self-made. They didn’t inherit money. They created their wealth.

[rktman]

Butt, butt, butt......the media said...... Pffftttt! Only by my own hand am I not very wealthy. Had some, wasted the crap out of it. Who's fault? Mine. Sure wasn't the lack of opportunity.

[ealgeone]

Based on some jobs I’ve had I’ve been poor yet by the grace of God I’ve not missed a meal and have had somewhere clean to sleep.

[rktman]

LOL! Yeah, that too. From digging post holes by hand in NM to being in a super awesome career for 36 years. Can I say squandered? Still, roof/food.

[Blurb2350]

I love reading articles like this. They reaffirm what I know in my gut to be true about this country. (I also believe it’s slowly but surely coming to an end, but that’s a matter for another thread . . .) Similarly, people of different classes often rub shoulders with one another — intentionally, unintentionally, while out and about — and generally get along swimmingly. I live in an area with many retirees, some of them obviously — but modestly — quite wealthy. Many of the locals, on the other hand, are living paycheck to paycheck, or on small Social Security payments. Everyone gets along just fine, no resentments or nastiness. Of course demographics plays a part . . . the population is mostly white with a sprinkling of hispanics, many of whom have been in the area for generations.

[BitWielder1]

Without income inequality there would be no mobility at all.
Nor any reason to work hard. Or at all.

[rktman]

Yeah so to heck with initiative and motivation. 👹💸👍🏼. Although, I do notice what appears to be a lack of motivation in some folks.

[Sergio]

bkmk

[Tell It Right]

Don't forget the age and experience factors of incomes.

I make a lot more money now as a middle-ager than I did as a teenager. As did my parents, and their parents. And my young adult "kids" don't expect to stay at the same pay.

So when they talk about "income inequality" my first question is always, "Should my teenage whopper flopper at Burger King make as much money as I do now in my white collar job, or as much as I did when I was a teenager (adjusted for inflation)?"

[mjp]

Most of the billionaires are self-made. They didn’t inherit money. They created their wealth.

in a free and rational economic system by producing a product that is highly demanded, which provides the earning of a higher than average rate of profit, and then reinvesting capital back into the business rather than consumption, and then repeating this over and over again over a long period of time. Their is no force or exploitation involved.

[rktman]

Well, except we didn’t GIVE ‘them’ money to work with. :-)

[aquila48]

Bookmark