America. A rags to riches society. That's good. Its healthy.
We hear about the income gap widening between the haves and the have not's. But we hear little about the actual rising & falling. The specific successes and failures. And there lies the meat. The marrow. The content. The true essence of America's unique entrepreneurial opportunities.
While Rachel Maddow bullwhips capitalism, wealth is constantly changing hands. A healthy society needs equal probability to lose. Regardless of socioeconomic class.
In America, less than 10% of citizens on the 1982 list of “Richest 500”, were there again in 2012. Compared to Europe where 60% on the rich list today, inherited that wealth from the 1982 list.
Is this because Europeans drink red wine, bike to work & eat more olive oil? Perhaps. Maybe they live longer and simply retain wealth.
But there is over a 50% disparity. Olive oil my ass! Class divide is real in Europe. The opportunity to jump class, is far better in the US. Along with the opportunity to lose everything on a dice roll. Take the good with the bad homies.
The notion that European society is more advanced than American vermin is hogwash. Maybe socially, but not in terms of economic opportunity.
A healthy society means those at the top can lose that status. Socioeconomic change isn’t only about elevating people, its also about turnover at the top. Some fall, while others use that corpse as a foothold to rise.
Don't want to read that much? I don't blame you. A summary....
39% of Americans will spend at least ONE year in the top 5% of income distribution.
56% will find themselves in top 10%