Korean Job Discussion Forums

[Real Reality]

America's rags-to-riches dream an illusion: study
America may still think of itself as the land of opportunity, but the chances of living a rags-to-riches life are a lot lower than elsewhere in the world, according to a new study published on Wednesday.

The likelihood that a child born into a poor family will make it into the top five percent is just one percent, according to "Understanding Mobility in America," a study by economist Tom Hertz from American University.

By contrast, a child born rich had a 22 percent chance of being rich as an adult, he said. "In other words, the chances of getting rich are about 20 times higher if you are born rich than if you are born in a low-income family," he told an audience at the Center for American Progress, a liberal think-tank sponsoring the work.

... "In the United States this would be 22 percent; in Denmark it would be two percent," he said....
By Alister Bull, Rueters via YAHOO! News (April 26, 2006)
http://news.yahoo.com/s/nm/20060426/ts_nm/economy_mobility_dc

[Tiger Beer]

I can't believe some of these guys actually get paid to do these studies.

1% chance of a poor kid making it to the top 5% wealth-wise in the US is pretty damn incredible. This author's point that 22% of the rich also make it to the 5% still doesn't take away 1% of the poor make it as well. Incredible.

The author needs to leave the US.. go to Latin America.. the wealth stays with the wealthy and the poor has about 0.000001% unless your Pele.

[Wangja]

Or, play the game the other way round; if 22% of the rich make the top 5%, 78% fail.

"Every silver lining has a cloud".

[mithridates]

The New York Times had a three-day report on this very subject last year, coming to much the same conclusions.

[Yo!Chingo]

[Real Reality]

Outstanding Public Debt as of April 27, 2006: $8,363,642,209,892.
The estimated population of the United States is 298,597,830
so each citizen's share of this debt is $28,009.72.
http://www.brillig.com/debt_clock
The Debt To the Penny
04/25/2006 $8,362,302,809,419.88
http://www.publicdebt.treas.gov/opd/opdpenny.htm

In the last 5 years, only the top 5 percent of the country had an increase in wages that met inflation.

College tuition has risen 34% in 5 years

Health Care cost have doubled in 5 years.

$3 a gallon gas prices even though The Bush Admin gave the oil companies billions.

record deficits (over 350 billion each year since 00)

a war that is going to cost (depends on who you ask) $1.1 or $2 trillion (the entire national budget is $2.1 trillion a year)

the largest unfunded liability entitlement program in the last 40 years (and the provision to lower the cost of prescriptions by negotiation was removed by republicans)

5 years after 911 the borders are not secured

5 years after 911 the commission has given more "f"s then 'a's

continually ignored our free trade partners. (continue to allow them to sell things here but they refuse the same.)

selling out to big business (energy bill, prescription drug bill, open borders, less enviromental concerns)

U.S. schools continue to close. Schools supported by U.S. funds open in Iraq.

Bush has continued to cut funding for education programs and college student loans.

The administration has continued under funding the no child left behind act.

In math and science standards over the last 5 years, America has went from 12th to 22 (out of 25)

FEMA and The Department of Homeland Security

[Cigar_Guy]

There's a lot to parse in what you said, and a lot I agree with (the old Reagan line about Congress spending like a drunken sailor is unfair to the drunken sailors certainly holds true for the current administration and congress), but this is just nonsense:

[Ya-ta Boy]

It's always been an iffy thing for someone born poor to make it big. The one thing the US had to offer was the absence of artificial barriers like a rigid class system to add to the obstacles.

[khyber]

http://facstaff.uww.edu/mohanp/theory9a.html

regarding upwards mobility:
Perhaps this will shed more light:

[rapier]

Whos going to be first to tell the koreans?

The idea that the US is a paradise of easy living where anyone can be a millionaire is very prevalent in the third world and elsewhere.

The media portrayal and worldwide export of American culture has simultaneously beneffitted and harmed the US: perhaps its time they thought about sending out Tv shows that depict homess people, crime ridden ghettoes and unemployment qeues. Might help stem the flow of idealistic immigrants flooding the place.

[Cigar_Guy]

[Tiger Beer]

[rapier]

"The Los Angeles riots shattered Korean immigrants�� naive belief in the American dream. As many as 2,300 Korean shopkeepers lost their lifetime investments in one day."

http://www.press.uchicago.edu/cgi-bin/hfs.cgi/00/13288.ctl

[Cigar_Guy]