"We Were Middle-Class Once, And Young" by Paul Krugman at the NY Times

[applegrove]

We Were Middle-Class Once, And Young

by Paul Krugman at the NY Times

http://krugman.blogs.nytimes.com/2013/06/23/we-were-middle-class-once-and-young/

"SNIP.................................


Not only do the affluent spend much more on their children, but the gap has grown a lot since Greg and I were young. Maybe all that spending is wasted — but I doubt it. We have become both a more unequal society and a society with more unequal opportunities.

There’s a lot more in the Corak paper, by the way. I was especially struck by the comparison of mobility in the US and Canada. I wasn’t surprised that America has less mobility, and certainly not that in America it’s hard to escape the bottom decile. But it turns out that in America it’s also much easier to stay in the top decile — hardly the image of a meritocractic society, unless you believe that America’s top decile is genetically superior to Canada’s.

Anyway, we are not the society we once were — and baby boomers should realize that.

.................................SNIP"

[MrSofty111]

1. @applegrove

I agree...

[applegrove]

2. And welcome to the DU!