Is the US becoming a serf economy

[bigrebnc1775]

Most Wealthy Individuals Earned, Not Inherited, Their Wealth
http://www.fiscalisadvisory.com/assets/pdfs/how_the_wealthy_get_that_way.pdf
Wealthy people are made, not born. 80% of millionaires are the first generation of their family to become wealthy. Interestingly, most of the very wealthy families leave a major portion of their estates to charity. Children who inherit significant wealth without achieving it on their own seldom manage money well. As one wealthy man told me, "if money comes too easily, it isn't properly respected." A large inheritance can often undermine the character of the recipient because they don't have to focus on adding value to the world. This often happens when parents continue to support adult children.

 

[Bfgrn]

may not be impossible, but by far most people with money got it the old fashion way, they were born that way…


Class Matters - Social Class in the United States of America - The New York Times

Statistics do tend to back this up.

People on this thread have raised names like Zuckerberg and Steve Jobs, but realistically these people are not one in a million, they are one in a hundred million.

It is still possible to have that one amazing 'get rich quick' idea, but much harder than it was a generation ago. That should concern all of us, I think.

As a liberal, I would pose a more rational and pragmatic question/argument. Although in 'theory' anyone can become wealthy, a society could not function if that were the case. There are certain tasks and jobs that someone must complete and fill for that society to function. The American dream should not be based on exclusiveness, it should be based on inclusion. Any citizen who is willing to work hard at whatever endeavor he or she chooses should be able to make a wage that will support basic sustenance.

 

[Saigon]

Bfgrn -

I totally agree - most of us will ever become multi-milionaires, or even realistically aspire to (at least from the age of 12, when I realised I couldnt pay guitar), so society has to work for us as normal middle class and working class people.

I think everyone should feel that owning a home, getting a promotion at work and having a standard of living a notch up from our parents is achievable.

Increasingly, they aren't.

Research here in Finland showed that in 1950 a house cost around 5 x an average annual salary. Now it is 12 x an average salary.

That is fine if you are an executive whose income has risen at five times the rate of the average worker, but for the average worker it is a real challenge.

 

[Toro]

may not be impossible, but by far most people with money got it the old fashion way, they were born that way…


Class Matters - Social Class in the United States of America - The New York Times

Statistics do tend to back this up.

People on this thread have raised names like Zuckerberg and Steve Jobs, but realistically these people are not one in a million, they are one in a hundred million.

It is still possible to have that one amazing 'get rich quick' idea, but much harder than it was a generation ago. That should concern all of us, I think.

There is no evidence nor any reason to think that it's harder to "get rich quick" than a generation ago. In fact, because of Wall Street and Silicon Valley, it is almost certainly easier to get wealthier faster at any time in human history. I know a lot of extremely wealthy people. (I'm not one of them.) Most of them came from middle or upper middle class families.

 

[bripat9643]

may not be impossible, but by far most people with money got it the old fashion way, they were born that way…


Class Matters - Social Class in the United States of America - The New York Times

Wrong. Most millionaires are self-made.

 

[Saigon]

There is no evidence nor any reason to think that it's harder to "get rich quick" than a generation ago. I

Actually there is - economic mobility in the US is lower now than it was a generation ago, so that is a very clear indicator that it is not as easy to move up as it used to be.

Bripat -

Most millionaires are self-made.

Not so, and increasingly not so.

Only 1.6% of Americans inherit more than $100,000....how many of them go on to become millionaires, would you think?

Increasingly in America, wealth is passed on, and used to create more wealth by investment - not by hard work.

Who Rules America: Wealth, Income, and Power

 

[Unkotare]

create more wealth by investment - not by hard work.

So, if someone's job is being an investor, that's not work?




How are your plans for the reeducation camps coming along, comrade?

 

[zonly1]

One of the things I think we may ask ourselves here is this:

An executive earned 40 times the average wage in 1980.

An executive earned 500 times the average wage in 2000.

Which of those figures do you think is more realistic?

Because it can't be both.

this means nothing with out proper context but you libnutters fail to the necessary comparison.

 

[Saigon]

Zonly -

Why does it mean nothing without proper context?

 

[francoHFW]

Jeeebus, Pub dupes are dumb. THE POOREST pay as much %wise as the richest in all taxes and fees, and the middle class MORE. The rich ACTUALLY pay about 17%, and corporations 12%- you are totally duped tools of the greedy rich, shytteheads....Ay caramba.

See sig PP! for what Voodoo has done for us. The rich tripled their wealth while the nonrich and the country have gone to hell. Health and college costs have quadrupled and Pubs refuse a good work ID card....Great Job, Pubbies.