The Price of Inequality
America likes to think of itself as a land of opportunity, and others view it in much the same light. But there is less equality of opportunity in the US today than there is in Europe – or, indeed, in any advanced industrial country – and none of the resulting inequality in income and wealth is contributing to economic growth.
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NEW YORK – America likes to think of itself as a land of opportunity, and others view it in much the same light. But, while we can all think of examples of Americans who rose to the top on their own, what really matters are the statistics: to what extent do an individual’s life chances depend on the income and education of his or her parents?