Columbia University Professor and Nobel Laureate Joseph Stiglitz: “The American Dream is a Myth”

In Slate magazine, Columbia University professor and Nobel laureate Joseph Stiglitz provided a harsh yet honest analysis of the current American economy, something our current crop of “leaders” refuse to do:

“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?
Nowadays, these numbers show that the American dream is a myth. There is less equality of opportunity in the United States today than there is in Europe—or, indeed, in any advanced industrial country for which there are data. 
This is one of the reasons that America has the highest level of inequality of any of the advanced countries—and its gap with the rest has been widening. In the “recovery” of 2009-2010, the top 1 percent of US income earners captured 93 percent of the income growth. Other inequality indicators—like wealth, health, and life expectancy—are as bad or even worse. The clear trend is one of concentration of income and wealth at the top, the hollowing out of the middle, and increasing poverty at the bottom.”
Read more here.
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