After I blogged about inequality in my post, Guaranteed minimum income?.., I came across this same topic through various media outlets.
I stumbled upon a Ted Talk on this same topic even when I was not looking on reading about inequality. This Ted talk was given by Chrystia Freeland titled, “The rise of the new global super-rich”. An excerpt from this video that I found worrisome is as follows
A second thing that worries me is how easily meritocratic plutocracy can become aristocracy. One way of describing the plutocrats is as alpha geeks, and they are people who are acutely aware of how important highly sophisticated analytical and quantitative skills are in today’s economy. That’s why they are spending unprecedented time and resources educating their own children. The middle class is spending more on schooling too, but in the global educational arms race that starts at nursery school and ends at Harvard, Stanford or MIT, the 99 percent is increasingly outgunned by the One Percent. The result is something that economists Alan Krueger and Miles Corak call the Great Gatsby Curve. As income inequality increases, social mobility decreases. The plutocracy may be a meritocracy, but increasingly you have to be born on the top rung of the ladder to even take part in that race
You can watch the full video here.
I have stopped listening to talk radio from many years and I have blogged about the reasons for my not listening to radio anymore in my post here. I accidentally turned on the radio and Thom Hartman on AM760 was talking about how middle-class is being screwed. He was also giving lot of stats and I realized that maybe, this discussion has been ongoing from a long time and I am now waking up to it. It is pretty disturbing if you look at it this way.
How to look at it?
The biggest hope of any class of folks is to see their kids move into the next upper class than what they were. In essence this hope drives the parents to dream for their kids and sacrifice for their kids. Looks like this hope seems to be at risk if stats show that social mobility is at the lowest in this decade in comparison to other decades. I think that’s another way to look at this problem.
Thanks for reading and have a great day!