The Price of Inequality.

Total net worth of America’s billionaires compared with the country’s gross domestic product. Graph by Wonkblog.

Joseph Stiglitz hypothesises why, flying in the face of reality, America continues to see itself as the Land of Opportunity:

The myth is so much part of our sense of identity as Americans that it is devastating for us to give it up — for us to say we are less of a land of opportunity than old ossified Europe. It was one of the things we were most proud of, and clearly, it’s not true. When you have something that’s so inconsistent with your self image, it’s really, really hard to face the facts.

Previous thoughts from me on how wealth inequality stifles equality of opportunity here.

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