Are Americans living in the past when they think of America as a landeashing end of economic opportunity? Is the notion that America -- better than most or all other nations -- allows people who work hard to get ahead and realize their financial dreams true? Why or why not?
America
was a land of opportunity -- sixty years ago. But with the revanche of the industrialists and bankers, beginning back in the early '70s, after the Powell memo, Roosevelt's "economic royalists" began their slow climb back to their free market, unregulated glory days of the '20s.
After the adoption of the "trickle down" economic model thirty eight years ago, the long decline of America's middle class was pretty much assured.
America is no longer a land of opportunity | Financial Times
One might feel better about inequality if there were a grain of truth in trickle-down economics. But the median income of Americans today is lower than it was a decade and a half ago; and the median income of a full-time male worker is lower than it was more than four decades ago. Meanwhile, those at the top have never had it so good.
When I was a boy many single working men could buy a house, buy a new car every few years, enjoy a yearly vacation, send their kids to college and retire comfortably. With the erosion of unions, pensions and social programs, we've had to tighten our belts, and wives have had to move into the workforce just to try to maintain a diminishing standard of living.
The billionaire class now enjoys immense -- and increasing -- wealth and political power, while the rest of the economy stagnates and the fall into serfdom continues for the average Joe.
And the disparity continues. The right votes tax breaks to the rich, promising increasing prosperity, but the wealth has
never trickled down. National debt increases, and the right uses this excuse to blame it on social programs, "entitlements" and the depredations of foreign enemies and (
insert current social/ethnic scapegoats).
No longer the land of opportunity
Corporate leaders have been rewarded with huge payouts even when their corporation’s performance has been disappointing. Conversely, millions of Americans have maintained or upgraded their skills yet seen their jobs shipped abroad or downgraded. Is this a description of a merit-based society? How does it compare with that of mid-century America, when the rewards for work were distributed more broadly?