On June 10, 2012, Henry Blodget, CEO and Editor-In-Chief of Business Insider writes that one of the most distressing aspects of the state of the US economy is the decrease in social mobility.
“It is much, much harder now than it used to be for Americans to improve their circumstances.”In other words, if Americans are born poor, they’re overwhelmingly likely to stay poor.
“Similarly, if Americans are born rich, they have a much better chance of staying rich than someone born poor or middle class.
“No one minds inequality as long as one’s station in life is a function of one’s own decisions and effort.
“When inequality becomes the luck of the draw, however, if becomes much more profoundly unfair.”
Not only is America’s mobility significantly declining, but if we do not reform the structure of our system the fundamental promise and opportunity of America since its founding will disappear. America will no longer provide the opportunity to pursue prosperity in which the system empowers individuals to advance through broadened private, individual ownership of future productive capital assets, and thus, secure over time their economic future.
Own Or Be Owned should be the mantra.