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« FMF March Money Madness, Round 2, Posts 5-8 | Main | The Best of Money Carnival »

March 12, 2012

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Can't wait to see part 2. I started my blog precisely because of the recent war waged on the wealthy. The fact is that most children born in wealth families fall out of the rich class and most children born in poor families rise out of poverty....social mobility still exists in America.

Thank you for this wonderfully insightful piece!! This was my favorite blog post of perhaps the last several years. I really enjoyed the story – looking forward to the next chapter :-) THANKS!!

I didn't get this post. I didn't spot a thesis statement anywhere and there weren't any passages supporting the title of the article. Who is waging war against the rich? Poor people like Hank Paulson?

Luis --

Stay tuned for part 2 tomorrow...

I stopped reading after this

"A few people made outrageous sums of money while the overwhelming majority of the American people lost their entire financial nest egg"

I don't come to FMF to read hyperbole.

I'll wait for tomorrow's post, then. Better be good!

Luis --

Ha! I'm not guaranteeing that! ;-)

I had to break up the section because it was simply too long as one post...

Sorry, we can actually measure social mobility. The USA continues to drop in economic mobility, well the wealthy class, have begun o return to the great wealth amassment. It only ended the last time with great tax increases and redistribution. Sorry, if the system does not help the majority, then why even have it. America was not formed to help a few get wealthy.

This class warfare bit of late is a load of hooey and frustrating to read about. It's also pretty weak to hear our leaders and politicians try to use envy and fear to get votes. This comes across as a move of desperation to retain power IMHO. America is still one of the greatest countries to move on the social/economic ladder. Why are folks lined up to get here? Why do people risk their lives to come?

My dad was the son of immigrants and grew up on a farm with no water or electricity. He later fed and clothed our family on a low paying blue collar job. They worked hard and I became the first person in our family to go to college. I started working at a young age and had my first real job at age 14. My wife had the same story being the daughter of a coal miner and being the first in her family to go to college.

At age 40 we now have a very good income and net worth above anything our parents had. Anyone can make in America. It just takes hard work, discipline and sacrifice.

@Bill -- I read past that line, but kept coming back to it.

When the overwhelming majority of Americans lose their entire nest eggs, there simply isn't a waiting line to buy a new iDoodad.

Did some Americans lose their nest eggs? Certainly. But if we are trying to treat the problem, we need to look at the real cause(s) and not simply parrot the viewpoints of an opposing set of talking heads. I hope the second installment provides some clarity.

Calling Telcel and Telmex affordable is a a joke, as detailed recently in the Economist http://www.economist.com/node/21546028 they are a near monopoly that charges some of the highest rates in the world. Much of Carlos Slims fortune comes from rent-seeking which extracts billions of dollars each year from the Mexican economy into his personal fortune as a de-facto tax on the poor. This out of touch mindset that most of the the rich and powerful seem to share makes it inevitable that movements such as Occupy Wall street will continue to spring up and thrive. dropping

It's kind of like rap artists. Most don't have any money, so that is what they rap about the most.

@Iam1percent - Social Mobility is easily measured. Most rich people stay rich, meanwhile the middle class is falling into poverty. Productivity of the workforce has gone up dramatically, however wages have stagnated. This in turn leads to increased profits for those making money off the productivity.

The idea that there is a "war against the rich" seems like a baseless talking point when tax rates are at their lowest in modern history, meanwhile company profits are up and wages are stagnant at best.

There are always stories of individual people who have been able to start from nothing and work into incredible fortunes, but math and statistics show that this is actually much more difficult in the US than many other western countries.

The two main driving factors of these is the cost of higher education, as well as tying health care to employment. If you want to branch out on your own you had better be reasonably healthy and not planning on starting a family any time soon, or have a partner who works for a company and be on their insurance.

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