Wednesday, April 26, 2006

Liberal "study": American dream a myth

The American dream...a myth? This will no doubt come as a shock to the thousands of people whose success stories are featured in many places: on TV, on the Internet, in magazines, etc. I guess the guy who founded my employer's company just benefited from a rich family...despite the fact that they were POOR! Chances are, most of us know someone who was either poor or lower-middle class and wound up with some fortunes.

Oh, yeah...the "study":
America may still think of itself as the land of opportunity, but the chances of living a rags-to-riches life are a lot lower than elsewhere in the world, according to a new study published on Wednesday.

The likelihood that a child born into a poor family will make it into the top five percent is just one percent, according to "Understanding Mobility in America," a study by economist Tom Hertz from American University.

By contrast, a child born rich had a 22 percent chance of being rich as an adult, he said. (Could this be because the rich parents pass on their wisdom and their EARNED wealth to their kids? Hell, 22% seems awful low, if you ask me! - Ed.)

"In other words, the chances of getting rich are about 20 times higher if you are born rich than if you are born in a low-income family," he told an audience at the Center for American Progress, a liberal think-tank sponsoring the work.
"Consider a rich and poor family in the United States and a similar pair of families in Denmark, and ask how much of the difference in the parents' incomes would be transmitted, on average, to their grandchildren," Hertz said.

"In the United States this would be 22 percent; in Denmark it would be two percent," he said. (This is a GOOD thing? Denmark confiscates the EARNED wealth of its citizens, and that should be a model for US? Like hell! - Ed.)
University professor indoctrinated at UMass...liberal think-tank sponsoring said prof's study...the left's obsession with killing capitalism. Feel free to dismiss the study like I just did.

That's the beauty of being a liberal academic enshrined in the campus cocoon: reality just isn't relevant. Perhaps the good professor can go to Cuba or some other socialist hellhole "utopia" and live the rags-to-rags life.