America's rags-to-riches dream an illusion

Reuters (via Yahoo) ^ | April 26, 2006 | Alister Bull

[goalinestan]

"Actually the American dream was never about amassing great wealth. It's about earning an honest living, buying a home and raising a family while being left alone."

Well put! (Especially the left alone part)

[nicollo]

Indeed, that's quite the appropriate name. For example, Mr. Bull wrote:

America may still think of itself as the land of opportunity, but the chances of living a rags-to-riches life are a lot lower than elsewhere in the world, according to a new study published on Wednesday.

Then he cites the study author's comparison with the Dutch:

"Consider a rich and poor family in the United States and a similar pair of families in Denmark, and ask how much of the difference in the parents' incomes would be transmitted, on average, to their grandchildren," Hertz said. "In the United States this would be 22 percent; in Denmark it would be two percent," he said.

All that proves is that both rich and poor people in the U.S. are better than the Dutch at teaching their children to be like themselves.

[Kaslin]

Did you notice the authors name. All you have to do is ad certain four letters to his name and it can be appreviated to just two letters and they don't mean Big Smile either

[frankiep]

[HitmanLV]

Leading into election 2004, I was discussing with a few Kerry supporter acquaintances about how, under Bush, I had my worst year financially in my life. They were sympathetic and agreed, that was evidence that the Bush policies don't work.

Of course, I then said that I also had my best two years (by far) in the years following, also during the Bush years.

They actually seemed angry that I did well.

"Thanks for the support, guys." :-)

[NZerFromHK]

Trust me, this is what I was fed with day in and day out from the local NZ Herlad (owned by the UK Indypednent - yep, the one that has Robert Fisk), until I threw in the towels and stop reading much of its international news.

[nicollo]

Good question about the quotation from the Federal Reserve economist. Unfortunatley, they do this type of thing, and they always have. They have to justify themselves, you see... Actually, much of it is useful, although some of it is bunk, such as from this guy. At least he shied away from saying anything about policy.

[peyton randolph]

Bill Gates was born a poor black child.

---

That must be his adoptive cracker father who is a partner in a major Seattle law firm. :-)

[satchmodog9]

So, 22 percent of rich kids wind up rich. The class envy folks have been telling us different for decades. Five percent make it to the top one percent. Has it ever been any different? I guess we are all owed the million dollar income as a birth right. This researcher is a leftist clown. Government sponsored poverty and race hustling have kept minorities poorer. Stupid Jerry Springer types keep themselves poor. Some people just have some bad luck, but most people have an opportunity to better themselves. You just have to try.

[timsbella]

Feh. And feh again!!!

I was born to immigrants with little education, seven kids and a work ethic.

We all have college degrees, half of us have graduate degrees.

We live just fine, thanks.

I agree - teach them how to act rich, i.e. never buy retail. Don't worry about the plasma tvs and bling - worry about getting homework done, (homemade) meals together and instill values.

[nicollo]

This pretty much sums it up. If you are born a kennedy , chances are you wil remain one, be rich from the trust funds and never have to earn a penny.

With the exception of estate taxes, our tax code is designed to let people who already have money keep it and keep those who want to make it from getting it.

As I've pointed out on this forum before, the very rich don't pay taxes anywhwere near the rates of the upper-middle and professional classes. Our tax code screws the upperly mobile, and makes it that much harder for them to make it. Amazingly, our fundamental ideals are so strong that the government, try as it will, can't keep these people down.

[Crispus Attucks Patriot]

This article is complete HORSE MANURE!. I grew up on the east side of Cleveland off of St Clair Ave, in an area that could be euphemistically called a combat zone. I'm soon to graduate cum laude with a BS in Economics and I start law school in the fall.

My future is assured.

No one gave me any hand-outs. I got where I did by hard work and not letting the failures I suffered defeat me. I am so sick and tired of these leftist morons who blame racism, (hey, it is out there, but you grow a thick skin and ignore it.), and think none of us can pull ourselves up on our own through hard work and enterprise.

[nicollo]

Hear hear!

[Crispus Attucks Patriot]

"Actually the American dream was never about amassing great wealth"


No, but the possibility, (and thought!), of wealth is a nice one, hehehe.

[timsbella]

Yer darn tootin' - don't let my kids watch more than an hour of supervised tv OR computer (no internet) each night. My optometrist loves us! PS - no fatties here either.

[nicollo]

Here is the homepage of the author of the study, a professor from American University. His papers are linked there, in .pdf format. The paper cited in this article by Mr. Bull, "Understanding Mobility in America," is not posted there.

[ExpatGator]

Yepper! In August 1980 I owned exactly one surfboard, a sleeping bag and one joint (the smokable kind). I have no idea what our (my wife and I) net worth is now, but we own a house free and clear, are building a business building at our place and have very, very little debt. The United States is THE LAND OF OPPORTUNITY! I've been around the world and absolutely believe that this is the best and most free place on earth. I believe this so passionately that I have sacrificed to defend her before and I would do so again, in a heartbeat.

[BunnySlippers]

a liberal think-tank sponsoring the work.

Liberal think tank. This is just BS.

[pfflier]

They never asked me. I can show them one case where it's true.

[Cementjungle]

By contrast, a child born rich had a 22 percent chance of being rich as an adult, he said.

78% of rich kids grow up to be not rich??? That seems a little odd.