Capitalism's appeal is built around two assumptions:
1. Equal opportunity, and
2. Wealth being earned as a result of effort.
True! This is, essentially the crux of the "American Dream". ANyone can make it with sufficient opportunity.
Both of these are nullified by hereditary wealth, elitist networks and education that's only available to those who are rich enough to afford it.
Also quite true. Ever thus shall it be. That's why the wealthiest garner more and more of the US money. Wealth tends to attract more wealth.
Basically, the only thing that keeps people from realizing just how rotten this system is - is the erroneous belief that you, yes, YOU are going to be part of the rich elite some day, due to hard work and talent.
But remember, as Americans we don't always throw people to the wolves. Sometimes we pull together and we
help each other as well:
Look at Paul Ryan! He's actually a story of how good America can be as a nation. A young man whose dirt-poor lawyer father, tragically passed away when Paul was only 16, and I'm guessing as a dirt poor lawyer the guy hadn't left anything like money or even a life insurance policy for the family, but Paul was given a "shot", a "chance" to make it despite all the unfortunate things that fell on him. The US government had a program that said: When someone has this problem befall them it shouldn't destroy all they have. Paul still had opportunity! And we paid for his university education!
Paul was also able to make use of his grandfather's company which made lots of money off of government contracts and Paul worked for that company for a year after college.
Then Paul made a very smart move (thus reinforcing for us why we the taxpayers saw something worth funding in him for college)...he married rich.
Paul had now "made it". He started work for the US government at age 28 and is now one of the most well-known political figures of this decade.
But the sad truth of the matter is that there are plenty of professions out there where no amount of effort or dedication will ever make you rich; and that rags-to-riches stories are rare exceptions that depend very much on sheer good luck, extraordinary circumstances and other factors beyond individual control.
And those jobs can often be done by Chinese people for much, much less. So when we take those jobs away from Americans it will
spur them on to go get their college degrees in computer science. Then when
those jobs are determined to be off-shorable and Indians can do it, then it will spur the American workers (now unemployed) to go out and get the
next big degree.
Ultimately the Americans will learn that the only degrees that one should get are BUSINESS degrees.
One glorious day we will all be CEO's.
(Or at least that seems to be the message from the top down).
We hold on to the shining exceptions to maintain the illusion that we, too, are headed in that direction.
Are you saying that we can't be a nation of 300 million billionaires?
But the heart of the matter is that social mobility is mostly a myth.
It wasn't in the 1950's when the income gap was much lower. But social mobility is still a great "selling point" to keep the stagnating middle class quiet.