Tuesday, December 2, 2014

Gregory Clark, California economist: The American dream is now dead

A California economist who works at the University of California said he's given the numbers a good look and that there's no doubt about it -- the American dream is a thing of the past.

Specifically, Gregory Clark said that upward social mobility has pretty much tapered off the last 100 years, to the point where modern America mirrors medieval England, KOVR-TV reported.

"America has no higher rate of social mobility than medieval England or pre-industrial Sweden," he said, Raw Story reported. "That's the most difficult part of talking about social mobility, is because it is shattering people's dreams."

Nowadays, status and the ability to achieve the American dream is all about who's in your family, he said.

"The status of your children, your grandchildren, your great-grandchildren and your great-great grandchildren will be quite closely related to your average status now," Mr. Clark said, Raw Story reported.

His findings were published by the Council on Foreign Relations.

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