The Upward Mobility Myth

[Spawn]

Upward mobility a myth? Then can someone explain why most millionaires today are selfmade millionaires?


ON A PERSONAL NOTE:
I am the first person in my family to have a college education. I come from a family of ridge runners, laborers, and share croppers - from abject poverty where we did not have food to put on the table even with government assistance to being a college graduate with 3 degrees and comfortable middle class income (I could easily make more but chose not to).

 

[ZaraDurden]

Upward mobility a myth? Then can someone explain why most millionaires today are selfmade millionaires?

Who says that they are?

And really, a million dollars isn't an astronomical sum any longer.

 

[Spawn]

What is the makeup of the 4 million households that call themselves "millionaires". The average taxable income is $131,000. Of course, income is only taxed when it is realized. Tax deferred investments are a high priority for those who desire to increase their wealth. Surprisingly, 80% of those in the millionaire status are first generation and in 70% of the households, the male contributes 80% of the income.

http://www.coeinc.org/financialstatistics.htm

 

[ZaraDurden]

1) That they are first generation millionares does not necessarily make them 'self made'--inflation alone likely has much to say about this.

2) This article offers nothing about the factors of background which are crucial to this discussion.

And if you are of those who demand multiple reliable sources, this is just some guys website.

 

[arnegrim]

And it is this line that is the main problem in America is the past 30+ years. When everyone only worries about him/herself, that is what leads to the rich getting richer and the poor getting poor, increased class division and the shrinking middle class all of which we see happening today.

If you do love America, and you believe that people should be 'equal', some sense of economic equality, quite by necessity, is a part of that.

Its funny, the reality of this 'you make your own bed in life' myth is the leader of this myth, the leader of our counntry! Here is a man who, by almost no efforts of his own, has become the most known man in the world. He was never a good student, a drunk until age 40, knows little to nothing about the world outside of his immediacy, is a very poor public speaker, and yet is put in charge of the nation why--because of his last name!

I know many people who are infinately harder working, more intelligent, better communicators, etc etc could be a better president, but do they get the chance? No, of course not.

I know the office of President may seem like a 'special case', but it is in fact indicative of the whole system. The people who 'make their own bed' so to speak, are the exception to the rule. Most people have a very limited number of options in their life, and can only share part of part of the blame for their situation. And Im not talking your brother's friend who dropped out of college, im talking inner city kids whom has never even considered college. They dont have the money for college, their parents, teachers nor peer have never really helped them aspire to college--its just not a reality.

So... go out and become wealthy and influential so your children benefit from it... don't wait around for someone to hand it to you.

 

[arnegrim]

I was only replying to you saying everyone has the same opportunities. I believe almost everyone can succeed. However I believe some will have to work harder at it then others. I agree with that, it just will not be as easy.

I never said it would be easy... just possible.

Again... most people do not want to put in the effort...

 

[arnegrim]

Let me fathom a guess, your a 'Libertarian', the same kind of people that believe that Air should be turned into a commodity to be bought and sold.

Nope.

 

[arnegrim]

Upward mobility a myth? Then can someone explain why most millionaires today are selfmade millionaires?


ON A PERSONAL NOTE:
I am the first person in my family to have a college education. I come from a family of ridge runners, laborers, and share croppers - from abject poverty where we did not have food to put on the table even with government assistance to being a college graduate with 3 degrees and comfortable middle class income (I could easily make more but chose not to).

You must be lying... after all, you could only be a laborer or share cropper...

 

[HouseApe]

I never said it would be easy... just possible.

Again... most people do not want to put in the effort...

Most people do not have a clue as to what kind of effort is needed. I know a lot of guys in their 50's who worked their butts off their entire lives, I mean hard physical labor, and have very little to show for it.

I think anyone, if they knew that they would be wealthy, would put in whatever effort was required.

 

[arnegrim]

Most people do not have a clue as to what kind of effort is needed. I know a lot of guys in their 50's who worked their butts off their entire lives, I mean hard physical labor, and have very little to show for it.

I think anyone, if they knew that they would be wealthy, would put in whatever effort was required.

No... you would be surprised.

 

[Spawn]

You must be lying... after all, you could only be a laborer or share cropper...

OH? My father worked in a warehouse and worked a farm that we share cropped.

 

[arnegrim]

OH? My father worked in a warehouse and worked a farm that we share cropped.

Exactly... you couldn't have done any better then he did...

 

[Spawn]

Exactly... you couldn't have done any better then he did...

You mean I couldn't have possibly moved from the dregs of poverty to the safety of the middle class? No of course not. Not without the dems holding my hands the whole way.

 

[arnegrim]

You mean I couldn't have possibly moved from the dregs of poverty to the safety of the middle class? No of course not. Not without the dems holding my hands the whole way.

Hehe..

 

[Spawn]

Hehe..

I almost BARFED all over my shoes when I typed that.

 

[Spawn]

http://www.jewishworldreview.com/cols/sowell060805.asp

Among men born in families in the bottom 25 percent of income earners only 32 percent end up in the top half of the income distribution. And among men born to families in the top 25 percent in income earners, only 34 percent end up down in the bottom half.


How startling is that?


More to the point, does this show that people are trapped in poverty or can coast through life on their parents' wealth? Does it show that "society" denies "access" to the poor?


Could it just possibly show that the kind of values and behavior which lead a family to succeed or fail are also likely to be passed on to their children and lead them to succeed or fail as well? If so, how much can government policy — liberal or conservative — change that in any fundamental way?



One recent story attempting to show that upward mobility is a "myth" in America today nevertheless noted in passing that many recent immigrants and their children have had "extraordinary upward mobility."


If this is a class-ridden society denying "access" to upward mobility to those at the bottom, why is it that immigrants can come here at the bottom and then rise to the top?

 

[HouseApe]

OH? My father worked in a warehouse and worked a farm that we share cropped.

Why wasn't your father "upwardly mobile"? It sounds like he was a hard working person.

 

[Spawn]

Why wasn't your father "upwardly mobile"? It sounds like he was a hard working person.

hard working yes - and a drinker and a gambler with 4 kids OH- and atleast 3 mistresses I knew about while I was growing up.

Kinda makes upward mobility hard to achieve

 

[HouseApe]

hard working yes - and a drinker and a gambler with 4 kids OH- and atleast 3 mistresses I knew about while I was growing up.

Kinda makes upward mobility hard to achieve

Ever ask him why he chose that path instead of providing a better financial/stable environment for himself and his family?

 

[Spawn]

Ever ask him why he chose that path instead of providing a better financial/stable environment for himself and his family?

That's easy. My dad lives in the whims and pleasures of the NOW. He has zero self control and just cannot put off his own pleasure.