America is famed for its principles of equality but researcher Richard Florida says America is plagued by wider class divisions than many other nations. "The likelihood that a person will remain in the same income bracket as
his or her parents is greater in the United States than in France, as
well as Denmark, Australia, Norway, Finland, Canada, Sweden, Germany,
Spain, Singapore -- and even Pakistan,"
A report by United for a Fair Economy on the 2011 Forbes 400 rich-list reveal 40% of the individuals received a "significant economic advantage in their lives by inheriting a sizeable asset from a spouse or family member." Strikingly, more than a fifth received sufficient wealth to make the list from this inheritance alone. The truth is that Americans have never had an equal opportunity to become wealthy. Too much attention is paid to stories of personal success, without noting that these are the exception, not the rule.
"Each story calculatedly glamorizes the myth of the 'self-made man' while minimizing the many other factors that enable wealth, such as tax policies, other government policies that favor the wealthy, and the importance of being born to the right family, gender and race."
According to the report: The net worth of the Forbes 400 grew fifteen-fold between the launch of the list in 1982 and 2011, while wealth stagnated for the average U.S. household. The richest 0.1% receive half of all net increases in capital gains. The racial wealth divide is starkly apparent from the overwhelming whiteness of the list. The 2011 Forbes 400 had only one African American member. Women accounted for just 10% of the 2011 list, and of the women on the list nearly 90% inherited their fortunes.
Behind every great fortune lies a great crime. If a poor guy robs a 7/11 for $20, he'd get 20 years in jail. If a Wall Streeter, steals a billion through fraud; he'd get special tax breaks! In the early days of the American Civil War J.P. Morgan purchased 5,000 dangerously defective Hall's Carbines being liquidated by the U.S. Government at a cost of $3.50 each. The rifles were later resold to the government as new carbines at a cost of $22.
A report by United for a Fair Economy on the 2011 Forbes 400 rich-list reveal 40% of the individuals received a "significant economic advantage in their lives by inheriting a sizeable asset from a spouse or family member." Strikingly, more than a fifth received sufficient wealth to make the list from this inheritance alone. The truth is that Americans have never had an equal opportunity to become wealthy. Too much attention is paid to stories of personal success, without noting that these are the exception, not the rule.
"Each story calculatedly glamorizes the myth of the 'self-made man' while minimizing the many other factors that enable wealth, such as tax policies, other government policies that favor the wealthy, and the importance of being born to the right family, gender and race."
According to the report: The net worth of the Forbes 400 grew fifteen-fold between the launch of the list in 1982 and 2011, while wealth stagnated for the average U.S. household. The richest 0.1% receive half of all net increases in capital gains. The racial wealth divide is starkly apparent from the overwhelming whiteness of the list. The 2011 Forbes 400 had only one African American member. Women accounted for just 10% of the 2011 list, and of the women on the list nearly 90% inherited their fortunes.
Behind every great fortune lies a great crime. If a poor guy robs a 7/11 for $20, he'd get 20 years in jail. If a Wall Streeter, steals a billion through fraud; he'd get special tax breaks! In the early days of the American Civil War J.P. Morgan purchased 5,000 dangerously defective Hall's Carbines being liquidated by the U.S. Government at a cost of $3.50 each. The rifles were later resold to the government as new carbines at a cost of $22.
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