STIGLITZ: 'The American Dream Has Become A Myth'

joseph stiglitz

Photo: Vanity Fair

Nobel Prize-winning Columbia University economist Joseph Stiglitz has bad news for everyone.The Trader.se directs us to an interview he recently gave to Der Spiegel:

…the American dream has become a myth. The life chances of a young US citizen are more dependent on the income and education of his parents than in any other advanced industrial country for which there is data. The belief in the American dream is reinforced by anecdotes, by dramatic examples of individuals who have made it from the bottom to the top — but what matters most are an individual’s life chances. The belief in the American dream is not supported by the data.

 The doom doesn’t stop there:

There has been no improvement in well-being for the typical American family for 20 years. On the other side, the top one per cent of the population gets 40 per cent more in one week than the bottom fifth receive in a full year. In short, we have become a divided society. America has created a marvellous economic machine, but most of the benefits have gone to the top.

Read the full interview (in English), conducted by Alexander Jung and Thomas Schulz, on Spiegel.de.

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