Yesterday was my birthday. One of the good/bad things about Facebook is that if you place your birthday in your Facebook profile, everybody can figure out when your birthday is. As a result, you get lots of birthday wishes. 🙂 This the best video that was posted to my Facebook site yesterday.
Republican Congressman Paul Ryan has vigorously argued that we need to give more tax breaks to the wealthy so they can “grow the economy.” As we’ve seen over the last 30 years, every major tax break provided by several different administrations were given to the wealthy. They were able to grow their incomes while incomes of the middle and lower classes have stayed stagnant. Upper mobility is more difficult here in the United States than it is in many European countries.
The Economic Mobility Project states:
“Most studies find that, in America, about half of the advantages of having a parent with a high income are passed on to the next generation,” their report concludes. “This means that one of the biggest predictors of an American child’s future economic success — the identity and characteristics of his or her parents — is predetermined and outside that child’s control. To be sure, the apple can fall far from the tree and often does in individual cases, but relative to other factors, the tree dominates the picture. These findings are more striking when put in comparative context. There is little available evidence that the United States has more relative mobility than other advanced nations. If anything, the data seem to suggest the opposite.”