We’ve long understood that there’s something fundamentally broken about the United States’ modern economy, from the uneven distribution of net household wealth to the growing disparities in incomes between the 1 percent and everyone else. But new research from three top economists paints an even grimmer picture, by putting to bed one of the biggest myths about one of the most advanced economies on the planet: The American Dream of hard work and equal opportunity is long gone.
Research conducted by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman for the Washington Center for Equitable Growth reveals that nearly half of earners in the U.S. have been “completely shut off” from nearly 50 years of economic gains.
[For more of this story, written by Jared Keller, go to https://psmag.com/economic-ine...e9bdc736d#.6xmyaz1jo]
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