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Friday, October 28, 2011

Spiegel Online: Has America Become an Oligarchy?

(h/t Little Green Footballs) Spiegel Online offers a look at income inequity in the US from an outside perspective:
"Differences between rich and poor are tolerated as long as the rags-to-riches story of the dishwasher-turned-millionaire remains theoretically possible. But studies show that increasing inequality and political control concentrated in the hands of the wealthy elite have drastically reduced economic mobility and that the US has long since fallen far behind Europe on this issue. Indeed, only 4 percent of less-well-off Americans ever successfully make the leap into the upper-middle class."

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