Tuesday :: Jun 1, 2010

Open Thread

by Mary

The conservative right likes to say that America is a socialist country (including that wacknutjob, Newt Gingrich). But in a more socialistic country, more people would be making it based on their merit and effort, rather than on their parents economic status.

Finally, let's look at "intergenerational economic mobility," a term used when talking about how much a person's income can be explained by his or her parents' income.

The higher mobility is, the more a person's economic success was based on skill and effort. But America has one of the lowest mobility rates. We pass a lot of money on to our kids.

Funny how when taxes on the wealthy were much higher (after WW2 thru the 70s), America experienced one of its greatest periods of inter-generational mobility and also unprecedented prosperity for the broader country. Perhaps we could use a bit more socialism if those are the results.

Mary :: 12:00 AM :: Comments (11) :: Digg It!