A succinct piece by Joseph Stiglitz outlining why the American dream is a myth for the vast majority of Americans. There has also been the same effect in New Zealand though not as extreme. John Key and the National Party remain advocates though of trickle down economics.
It might not be so bad if there were even a grain of truth to trickle-down economics – the quaint notion that everyone benefits from enriching those at the top. But most Americans today are worse off – with lower real (inflation-adjusted) incomes – than they were in 1997, a decade and a half ago. All of the benefits of growth have gone to the top. (read article)