It’s a common American myth that anyone can make it big time just by buckling down, keeping their nose clean, and working hard. The data do not bear this out. Those born into the top economic quintile have over an 80% chance of living their entire lives at the top. Those born in the bottom quintile have over a 70% chance of living their entire lives at the bottom.
We may have rid ourselves of the hereditary monarchy when we kicked out King George the 3rd with the American Revolution, but the hereditary plutocracy lives on!
Actually established Latino’s wealth is growing, you must be talking about an average. When you factor in all the illegals, who really have no wealth, the average is sure to drop.
kaffekup over 6 years ago
It’s not vanishing; it’s being piped upstairs and hidden from the people who actually produce it.
Radish the wordsmith over 6 years ago
The richest 1% of families controlled a record-high 38.6% of the country’s wealth in 2016, according to a Federal Reserve report.
Richard S Russell Premium Member over 6 years ago
It’s a common American myth that anyone can make it big time just by buckling down, keeping their nose clean, and working hard. The data do not bear this out. Those born into the top economic quintile have over an 80% chance of living their entire lives at the top. Those born in the bottom quintile have over a 70% chance of living their entire lives at the bottom.
We may have rid ourselves of the hereditary monarchy when we kicked out King George the 3rd with the American Revolution, but the hereditary plutocracy lives on!
BeniHanna6 Premium Member over 6 years ago
Actually established Latino’s wealth is growing, you must be talking about an average. When you factor in all the illegals, who really have no wealth, the average is sure to drop.