America’s Broken Dream
Inequality has been rising at an unprecedented rate in the US, undermining America's reputation as the "land of opportunity." If allowed to continue, this trend could undermine confidence in the free-market, democratic principles that the US has espoused for decades, thereby eroding its soft power and weakening global governance.
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WASHINGTON, DC – The United States has long been viewed as the “land of opportunity,” where those who work hard get ahead. Belief in this fundamental feature of America’s national identity has persisted, even though inequality has been gradually rising for decades. But, in recent years, the trend toward extremes of income and wealth has accelerated significantly, owing to demographic shifts, the economy’s skills bias, and fiscal policy. Is the collapse of the American dream at hand?