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Showing posts with the label economy

Repost: The American caste sytem

Income inequality in America has been much in the news recently, but more than two years ago, there were reports that showed that the idea of American meritocracy was a myth. No matter how smart you are or how hard you work, it is difficult, if not impossible, for the average American to rise to a higher economic status than he or she was born into. This post originally appeared on January 9, 2012, and unfortunately, it is still relevant today. *~*~*~*  The New York Times  last week had a  report about how the myth of the American meritocracy  is just that - a myth. In fact, of all the countries in the industrialized world, it is harder for a person of low economic status to rise higher in the United States than it is almost anywhere else. If America as the "land of opportunity" ever existed, it has disappeared, and this is primarily due to the policies pursued by the government. The governments of other developed countries make it their goal to protect and help thei...

Where are the jobs?

The big news in the business world today is that American business had profits of an annualized rate of $1.66 TRILLION between July and September of this year. That is a record. Those are the biggest profits ever recorded by American businesses. And yet these same American businesses are constantly whining that the Obama Administration doesn't love them and that they have created an environment that is hostile to business. Personally, I wouldn't mind a share of that hostility! It was also announced today that the economy grew faster during that same period than was previously reported. The growth rate was 2.5% instead of 2%. That's nothing to shout about, but it is a clear indication that, thanks to government assistance that pulled it out of a deep, deep hole, the economy is moving in the right direction. We've now had five consecutive quarters when the GDP grew. So why hasn't this good news for business translated into more job creation? While some jobs ...