Capitalism Guaranteed Rising Inequality.
America's Class System Across The Life Cycle | Demos
Your parents overwhelmingly likely determine your socio-economic status. This means life in America is determined by the geographic happenstance of your birth, something over which you had no decision.
True and irrelevant. Parents pass on to their kids, work ethic, moral values, and of course genetic disposition to do various work.
Alex Spanos, whose father was a Greek immigrant, wrote a book "Sharing the Wealth", in it he talks about how his father taught all of his kids to work harder than anyone else. They were driven to be successful in whatever they do. One ended up a doctor. The other a lawyer, and Alex himself became a multi-millionaire business owner.
And of course their kids were taught the same basic values, and most of them are massively successful.
Equally, if you live off welfare all your life, and do as little as you possibly can, and your kids learn from you, guess how they'll turn out? Pretty much the same, unless society forces them off the tax payers breasts, and makes them earn a living.
If that wasnÂ’t enough, rich adults get some extra help, usually mid-life, in the form of inheritance and other wealth transfers from their rich parents. The wealthiest 1 percent (in the SCF survey, which is less wealthy than the real 1 percent no doubt) have inherited an average of $2.7 million, 447 times more than the least wealthy group of adults.
It's always interesting how a report can come out, and people on the left focus exclusively on one aspect, and ignore everything else. They put on their ideological blinders, and only see what fits with their socialist narrative.
http://www.bls.gov/ore/pdf/ec110030.pdf
Drop down to page 37. You'll find this table: Value of Wealth Transfer Received as a percent of Net Worth.
Now to recap, the leftist theory is that the reason the wealthy are wealthy, is because they inherited $2.7 Million from their parents, which is 447 times more than the least wealthy group of adults get in inheritance, and because they have this $2.7 Million, they then become successful.
To which my answer is...... bull sh!t.
This Table from the survey shows that the inheritance is only 12% of the total net worth of these people.
In other words.... There is a wealthy guy who has a net worth of $22.5 Million that he EARNED. He then get's an inheritance from his recently dead parents, of a mere $2.7 Million.
The left then ignores the fact he earned the $22.5 Million, point screaming at the $2.7 Million, and mindlessly claim the only reason he was successful was because of the tiny 12% of his net worth that came from the inheritance.
This.... is stupidity.
Also interestingly, the percentage of inherited money to net worth, was oddly higher during the Utopian years of Clinton.
But more importantly, the lower class of people get far more of their net worth from inheritance, than the upper. But of course the left has no problem with that.
The real reason that the sheer amount of inherited money is larger at the top, is for the same reason as I mentioned above. Typically, successful people are successful because their parents passed on ethics, morals, and disposition. Which of course typically means your parents are successful too, and thus have money to pass on.
The welfare queen who has nothing, spawns kids who have nothing. When the welfare mommy dies, she normally has nothing to pass on either.