HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Good Reads (Forum) » Joseph Stiglitz: The Pric...
Introducing Discussionist: A new forum by the creators of DU

Wed Jun 6, 2012, 02:50 PM

Joseph Stiglitz: The Price of Inequality and the Myth of Opportunity


Published on Wednesday, June 6, 2012 by Project Syndicate
The Price of Inequality and the Myth of Opportunity

by Joseph Stiglitz


America likes to think of itself as a land of opportunity, and others view it in much the same light. But, while we can all think of examples of Americans who rose to the top on their own, what really matters are the statistics: to what extent do an individual’s life chances depend on the income and education of his or her parents?

Nowadays, these numbers show that the American dream is a myth. There is less equality of opportunity in the United States today than there is in Europe – or, indeed, in any advanced industrial country for which there are data.

This is one of the reasons that America has the highest level of inequality of any of the advanced countries – and its gap with the rest has been widening. In the “recovery” of 2009-2010, the top 1% of US income earners captured 93% of the income growth. Other inequality indicators – like wealth, health, and life expectancy – are as bad or even worse. The clear trend is one of concentration of income and wealth at the top, the hollowing out of the middle, and increasing poverty at the bottom.

It would be one thing if the high incomes of those at the top were the result of greater contributions to society, but the Great Recession showed otherwise: even bankers who had led the global economy, as well as their own firms, to the brink of ruin, received outsize bonuses. ..................(more)

The complete piece is at: http://www.commondreams.org/view/2012/06/06-6



7 replies, 3154 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 7 replies Author Time Post
Reply Joseph Stiglitz: The Price of Inequality and the Myth of Opportunity (Original post)
marmar Jun 2012 OP
polichick Jun 2012 #1
xchrom Jun 2012 #2
Bill USA Jun 2012 #3
bvar22 Jun 2012 #4
The Wizard Jun 2012 #5
raccoon Jun 2012 #6
yurbud Jun 2012 #7

Response to marmar (Original post)

Wed Jun 6, 2012, 03:11 PM

1. Loved his segment on NPR yesterday. k&r

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Jun 6, 2012, 03:25 PM

2. Du rec. Nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Jun 6, 2012, 04:14 PM

3. great piece. recommended. bookmarked.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Jun 6, 2012, 05:04 PM

4. At one time, not so long ago,

the USA had the wealthiest and most Upwardly Mobile Middle/Working Class in the World.

Does anybody remember what Economic Policies made that possible,
especially in regards to:

*Income Tax

*International Trade Policy

*Fair Competition (Sherman Anti-Trust Act)

*Banking & Investment regulation

*Affordable Higher Education

*Organized LABOR

*Quality family wide affordable Health Care

Refresh my memory,
which Political Party made those things possible for the Working Class,
and where ARE they today?



You will know them by their WORKS,
not by their excuses.
Solidarity99!
--------------------------------------------------------------------------------------------------------------------------------


Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Jun 6, 2012, 05:31 PM

5. General strike

or everyone takes off one day a week. If everyone takes off one day a week oil prices will drop because the lack of demand will drop accordingly. This means a cut in oil profits and that's less money the oil lobby has to bribe Congress.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Thu Jun 7, 2012, 08:17 AM

6. Bookmarked to read later. recd. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Thu Jun 7, 2012, 03:37 PM

7. and we haven't yet pried their manicured, sociopathic fingers from the levers of power

it's going to take a critical mass of protests, leaks, and non-cooperation by the middle class middle men needed to execute the orders of the sociopathic trust fund babies to bring them down.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread