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Title: The American Dream is a myth, says Nobel-prize winner
Source: CNN/Money
URL Source: http://money.cnn.com/2015/04/22/new ... onomy/stiglitz-american-dream/
Published: Apr 24, 2015
Author: Tami Luhby
Post Date: 2015-04-24 10:32:47 by Willie Green
Keywords: None
Views: 7622
Comments: 41

It has become increasingly difficult for Americans to climb the economic ladder, says Joseph Stiglitz, a Nobel-prize winning economist.

The U.S. has one of the highest levels of income inequality among its peers and is among the worst in offering equal opportunities for advancement, said Stiglitz, who spoke Tuesday in New York City. Whether an American gets ahead is also more dependent on the income and education of their parents, he said.

"The American Dream is a myth," said Stiglitz.

A left-leaning authority on income inequality who teaches at Columbia University, Stiglitz is on a publicity tour for his new book, The Great Divide, which is a compilation of his articles on unequal societies for the New York Times, Vanity Fair and other publications.

His timing couldn't be better. Income inequality and economic mobility have already emerged as hot topics for the 2016 presidential election, with candidates on both sides of the aisle offering their prescriptions for solving the growing income gap. Stiglitz is one of several economists who has spoken with Democratic presidential hopeful Hillary Clinton on these issues.

Stiglitz argued that income inequality in America is not just the result of market forces, but also politics and policies put in place by lawmakers and companies, particularly after Ronald Reagan's election in 1980.

He noted that the post-World War II era was prosperous for both the American economy and its workers. But since then wages have stagnated, with median income falling to where it was 40 years ago. Meanwhile, CEO pay has risen to 300 times the average worker's income, up from 30 times. He also said that minimum wage jobs are increasingly held by a family's primary breadwinner, instead of a teen looking for part-time work.

According to Stiglitz, there's no magic bullet to solving income inequality. One way to combat it, he said, is to lessen the monopolist power of companies, which leads to lower wages.

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Begin Trace Mode for Comment # 36.

#5. To: Willie Green (#0)

"He also said that minimum wage jobs are increasingly held by a family's primary breadwinner, instead of a teen looking for part-time work."

That's gonna happen when you set the minimum wage at $20 an hour and make it a "living" wage.

You reap what you sow. Now, what does the teen do to acquire work experience?

misterwhite  posted on  2015-04-24   11:32:58 ET  Reply   Untrace   Trace   Private Reply  


#6. To: misterwhite (#5)

That's gonna happen when you set the minimum wage at $20 an hour and make it a "living" wage.

No, that's gonna happen when the corporate asshats downsize and outsource skilled manufacturing jobs and the idiot politicians hype low-wage service sector instead.

It's the "Giant Sucking Sound" that Ross Perot warned us about over 20 years ago, and Elizabeth Warren is the only credible politician who's telling it like it is today. The rest are a bunch of sleazy corporate suckups and sockpuppets.

Willie Green  posted on  2015-04-24   11:44:13 ET  Reply   Untrace   Trace   Private Reply  


#8. To: Willie Green (#6)

"No, that's gonna happen when the corporate asshats downsize and outsource skilled manufacturing jobs"

Uh-huh. And THAT happens because the federal government (and unions) force companies to pay their employees more than they're worth.

You go right ahead and tell all employers to pay a "living" wage, and watch as they ship every job they can overseas where those countries are not as "enlightened" as you are.

misterwhite  posted on  2015-04-24   11:56:39 ET  Reply   Untrace   Trace   Private Reply  


#9. To: misterwhite (#8)

And THAT happens because the federal government (and unions) force companies to pay their employees more than they're worth.

In that case, GOOD for the federal government and labor unions!
If THAT is what it takes to develop the American Middle Class Standard of Living that we've enjoyed for the last 75 years or so, then we need MORE government and labor unions, not less.

Only a total moron would want to undermine our domestic standard of living and turn the American Dream into just another Third World cesspit.

Willie Green  posted on  2015-04-24   12:12:18 ET  Reply   Untrace   Trace   Private Reply  


#10. To: Willie Green (#9)

Uh-huh. And THAT happens because the federal government (and unions) force companies to pay their employees more than they're worth.

You go right ahead and tell all employers to pay a "living" wage, and watch as they ship every job they can overseas where those countries are not as "enlightened" as you are.

In that case, GOOD for the federal government and labor unions! If THAT is what it takes to develop the American Middle Class Standard of Living that we've enjoyed for the last 75 years or so, then we need MORE government and labor unions, not less.

You sir, are the corporate squeak-box for what is going wrong with our economy today...

As the GrubberMint creates policies that encourage cheap labor imports, it dilutes the already weak wages we have.

As the GrubberMint incentivizes export of manufacturing power, it accelerates the already declining manufacturing base, in turn results in net job loss.

As the GrubberMint pushes forward more policies favoring unions and forced wages, it in effect lowers wages across the board as companies seek lower cost alternatives such as imported labor or outsourcing which significantly less regulated.

After reviewing those three simple concepts, there is little doubt as to why the American Dream is slipping away.

That is not to say that employers do not have a hand in the system, just that your "More GrubberMint" strategy is more ridiculous that the alternative of no GrubberMint at all.

TheFireBert  posted on  2015-04-24   12:58:36 ET  Reply   Untrace   Trace   Private Reply  


#12. To: TheFireBert, Willie Green (#10)

After reviewing those three simple concepts, there is little doubt as to why the American Dream is slipping away.

That is not to say that employers do not have a hand in the system, just that your "More GrubberMint" strategy is more ridiculous that the alternative of no GrubberMint at all.

Nieeither of you guys get it. ping #7 and look at the facts. Up until 1991-92 each licome grouop level shared relatively equally in income growth, with the botome quartile generally doing better than each of the other groups With the excpetion of the Top 5% and Top Quartile groups starting about 1982. The real break out from the rest of the pack from the rest of the groups strated in about 1993. Gee, guess who was POTUS ate that time. Why is was Slick Wille, yes, the same Slickster that felt our pain.

But there is more, my dear Grasshoppers. The run away from the pack for the Top 5% and Top Quartile groups leveled off in 2000 and actually declined in 2002. Gee, I wonder who was POTUS at that time. You guessed it, boys and girls, it was George W. Bush.

Like all Lefties, this author and those who support his BS are knowingly lying SOS. But guess what Kiddies, it doesn't matter. It's a great propaganda sound bite which takes took much work for the average voting dolt to understand the lie that is being fed them. Yes, Willie, I am speaking of you.

SOSO  posted on  2015-04-24   14:27:51 ET  Reply   Untrace   Trace   Private Reply  


#13. To: SOSO (#12)

Yes, Willie, I am speaking of you.


I voted for Ross Perot & Pat Buchanan, stooge.
Not the Bent One nor the Dumb One.

Willie Green  posted on  2015-04-24   14:36:12 ET  Reply   Untrace   Trace   Private Reply  


#14. To: Willie Green (#13)

I voted for Ross Perot & Pat Buchanan, stooge. Not the Bent One nor the Dumb One.

Yet, Comrade, you are a willing mindless soldier of Stiglitz's propaganda army - aren't you.

SOSO  posted on  2015-04-24   14:42:31 ET  Reply   Untrace   Trace   Private Reply  


#15. To: SOSO (#14)

Wrong again, stooge.

Alan Tonelson: The Race To The Bottom: Why A Worldwide Worker Surplus And Uncontrolled Free Trade Are Sinking American Living Standards

Willie Green  posted on  2015-04-24   17:10:45 ET  Reply   Untrace   Trace   Private Reply  


#16. To: Willie Green (#15)

Alan Tonelson: The Race To The Bottom: Why A Worldwide Worker Surplus And Uncontrolled Free Trade Are Sinking American Living Standards

Nice try, Comrade.

1 star review

"Facts, Less Dogma PleaseByDavid B. Thayeron March 5, 2001

Worldwide worker surplus? Uncontrolled free trade? Has this guy ever read a basic economics text? About halfway through Chapter One of that text he'd encounter a concept called comparative advantage, which since the days of the early Scottish economists has proven that all parties benefit from free trade. What if each of us, for instance, were forced to grow our own food, weave our own clothes, build our own houses? Free trade of course allows us to concentrate on what each of us, throughout the world, does best. One need only look at the economic boom incited in part by NAFTA -- despite the Chicken Little predictions of the protectionists leading up to its ratification -- to realize how much each country in North America has benefited from free trade. Note that "exploited" Mexican workers have just voted the pro-free trade Vicente Fox into office.

And, what of this "exploitation" of foreign workers? Is it better in fact to pay them low wages, or just none at all? Artificially high wages cause unemployment -- again, as any rudimentary reading of economics will demonstrate. Innumerable interviews with "oppressed" workers in developing nations reveal the extent to which they are grateful for the introduction of new jobs, at whatever the wage. Furthemore, these workers are only paid "slave wages" by lofty American standards: remember that the cost of living in these countries is extraordinarily low relative to the developed world, as any traveler there has readily recognized.

This apologia for protectionism should be relegated to the same heap that contains Mein Kampf, Das Kapital, and other selective interpretations of the historical record. I don't know about Alan Tonelson, but I think we should care about all workers, not just those who are lucky enough to live in America."

SOSO  posted on  2015-04-24   19:27:36 ET  Reply   Untrace   Trace   Private Reply  


#17. To: SOSO (#16)

Note that "exploited" Mexican workers have just voted the pro-free trade Vicente Fox into office.

The same Vicente Fox who exported his undocumented workforce across our borders?
That didn't benefit us one iota, stooge.

Willie Green  posted on  2015-04-24   19:48:28 ET  Reply   Untrace   Trace   Private Reply  


#18. To: Willie Green (#17)

The same Vicente Fox who exported his undocumented workforce across our borders?

That didn't benefit us one iota, stooge.

Agree, Comrade. Our immigration policy is a scandal and has been for decades. This has nothing to do with Free Trade but simple greed and criminality on the part of our elected politicians, both Ds and Rs. But guess what, Boris, We The People keep electing these criminals, over and over and over again. And it's not just Big Business bankrolling the thugs but Unions, the direst players of them all, as well.

Please, if you can, explain to us how Free Trade is responsible for the declining accomplishments of U.S. K-12 students. Explain how FreeTrade accounts for the following:

"The results from the 2012 Program for International Student Assessment (PISA), which are being released on Tuesday, show that teenagers in the U.S. slipped from 25th to 31st in math since 2009; from 20th to 24th in science; and from 11th to 21st in reading, according to the National Center for Education Statistics, which gathers and analyzes the data in the U.S."

SOSO  posted on  2015-04-24   21:07:51 ET  Reply   Untrace   Trace   Private Reply  


#20. To: SOSO (#18)

Please, if you can, explain to us how Free Trade is responsible for the declining accomplishments of U.S. K-12 students.

Because along with free trade came increased border crossings. Like the Mexican semis that are here now. It made it easier for them to come here. Then since more of them are here now it puts a strain on our public education system. That is how.

A K A Stone  posted on  2015-04-24   21:53:34 ET  Reply   Untrace   Trace   Private Reply  


#22. To: A K A Stone (#20)

Because along with free trade came increased border crossings.

Free Trade has nothing to do with the Mexican invasion and you very well know it.

SOSO  posted on  2015-04-25   13:20:05 ET  Reply   Untrace   Trace   Private Reply  


#23. To: SOSO, A K A Stone (#22)

Free Trade has nothing to do with the Mexican invasion and you very well know it.

You're wrong. Under NAFTA, American corn exports to Mexico displaced millions of small/rural Mexican farmers who, in turn, flooded north of the border looking for work.

Illegal Immigration and NAFTA

Willie Green  posted on  2015-04-25   15:06:49 ET  Reply   Untrace   Trace   Private Reply  


#24. To: Willie Green, A K A Stone (#23)

Under NAFTA, American corn exports to Mexico displaced millions of small/rural Mexican farmers who, in turn, flooded north of the border looking for work.

You cannot blame U.S. politicians' lack of enforcement of our immigration laws and Mexician government's pathetic and corrupt economic policies on Free Trade. By your logic the U.S. displaced manufacturing workers should have illegally immigrated to Canada.

SOSO  posted on  2015-04-25   23:12:34 ET  Reply   Untrace   Trace   Private Reply  


#25. To: SOSO, A K A Stone (#24)

You cannot blame U.S. politicians' lack of enforcement of our immigration laws and Mexician government's pathetic and corrupt economic policies on Free Trade.

Of course I can.
Just who do you think is responsible for corrupting those US & Mexican politicians and government officials, anyway?
Clue: It's those Businesses and Industries that benefit most from cheap, low-wage/no-benefit labor and lax/substand health, safety & environmental standards on BOTH sides of the border.

Willie Green  posted on  2015-04-26   6:01:18 ET  Reply   Untrace   Trace   Private Reply  


#27. To: Willie Green (#25)

I ask again, why haven't displaced U.S. manufacturing workers et.al illegally immigrated to Canada?

SOSO  posted on  2015-04-26   16:24:07 ET  Reply   Untrace   Trace   Private Reply  


#29. To: SOSO (#27)

I ask again, why haven't displaced U.S. manufacturing workers et.al illegally immigrated to Canada?

You're wrong again.
After NAFTA, Canadian jobs have also been downsized and outsourced to third world countries.
And when the United States cracks down on "undocumented migrants," Illegal Immigrants Chase False Hope to Canada

Willie Green  posted on  2015-04-27   8:06:20 ET  Reply   Untrace   Trace   Private Reply  


#30. To: Willie Green (#29)

After NAFTA, Canadian jobs have also been downsized and outsourced to third world countries.

So then why didn't displaced Canadians illeglyy migrate to the U.S.? HINT: Your conclusion that Free Trade is the root casue of illegal immigration is totally erroneous.

SOSO  posted on  2015-04-27   13:06:27 ET  Reply   Untrace   Trace   Private Reply  


#31. To: SOSO (#30)

So then why didn't displaced Canadians illeglyy migrate to the U.S.?

Because Canadians respect American law and migrate legally if they want to live and work here. But most of them stay in Canada anyway because they get Universal Health care.

Willie Green  posted on  2015-04-27   13:52:38 ET  Reply   Untrace   Trace   Private Reply  


#32. To: Willie Green (#31)

Because Canadians respect American law and migrate legally if they want to live and work here. But most of them stay in Canada anyway because they get Universal Health care.

Ah, so Free Trade has nothing to do with it. Thanks for finally agreeing with me.

SOSO  posted on  2015-04-27   13:54:20 ET  Reply   Untrace   Trace   Private Reply  


#33. To: SOSO (#32)

Ah, so Free Trade has nothing to do with it.

Free Trade with Canada is actually Fair Trade because the Canadians generally have the same labor, health, safety & environmental regulations and standard of living that we do.

Free Trade only becomes Unfair Trade when Business arranges corrupt agreements with oppressive Third World regimes who do NOT observe similar labor, health, safety & environmental protections that we have.

Willie Green  posted on  2015-04-27   14:37:34 ET  Reply   Untrace   Trace   Private Reply  


#36. To: Willie Green, SOSO (#33)

Free Trade only becomes Unfair Trade when Business arranges corrupt agreements with oppressive Third World regimes who do NOT observe similar labor, health, safety & environmental protections that we have.

You've conveniently left out of the equation China's exploitation of its slave labor force to undercut US business. Was THAT "Fair"?? China's lack of safety regs, insurance, or ANY regs was just a coincidental advantage that's helped bury the US economy once and for all (yes btw, socialists are BIG on regs.)

Look -- without tariffs the US economy and industries were inevitably going to be murdered by China's slave machine. EVERY US SENATOR AND CONGRESSMAN AND GUBMINT ECONOMIST KNEW IT but laughed their way to the bank.

Liberator  posted on  2015-04-27   15:22:56 ET  Reply   Untrace   Trace   Private Reply  


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