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Income Inequality

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  1. -04-25-12 Editorial: Wealth and Opportunity (Time.com)
      "There’s no question the United States is an unequal society — and one that is getting more unequal by the day. As economists Emmanuel Saez and Thomas Piketty have famously shown us, our current levels of inequality are nearly as high as they were in the days just before the stock market crash of 1929. Indeed, we’re more divided economically than Russia, Nigeria and Burkina Faso."

      "While it is true that some middle-class kids do indeed end up making fortunes on Wall Street, or with their own companies, actual stories of “rags to riches” are exceedingly rare. Research by economist Tom Hertz shows that a child born into a poor family (in the lowest decile of family income) has only a 1.3% chance of making it into the top decile. Meanwhile, a child born rich (in the highest decile) has a nearly 30% chance of becoming as wealthy as his or her parents." 04-12

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