Want to join the 1%? Nothing is stopping you
Constant churn of capitalism creates lots of class mobility
StevenHorwitz
Critics of the ”1%” frequently speak of them as if they were a modern aristocracy. Yet one of the great myths about income inequality in the U.S. is that the people who are in the top 20%, or even the top 1%, remain the same from year to year or even generation to generation.
The reality is that Americans move out of poverty and fall from wealth because market economies are always churning, rewarding those who deliver value in a free market, and penalizing those who don’t. America continues to be the land of opportunity. Anyone can join the 1%.
What economists call income mobility continues in this country over the course of any individual’s lifetime and across generations. Being poor at any specific point in time, or being the child of poor parents, does not mean people are unable to move up the income ladder. In the same way, there is no guarantee that those at the top will stay there.
Mais
The reality is that Americans move out of poverty and fall from wealth because market economies are always churning, rewarding those who deliver value in a free market, and penalizing those who don’t. America continues to be the land of opportunity. Anyone can join the 1%.
What economists call income mobility continues in this country over the course of any individual’s lifetime and across generations. Being poor at any specific point in time, or being the child of poor parents, does not mean people are unable to move up the income ladder. In the same way, there is no guarantee that those at the top will stay there.
Mais
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