Inequality and The American Dream


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For most Americans living in poverty,
the American Dream has become a grotesque joke.
But not in Salt Lake City, Utah.
We should all be so lucky!

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April 3, 2017
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Inequality
and the American Dream

Bloomberg and The Atlantic and I examine
an Issue that tears American society apart

The Daily Walk with Miracles, April 3, 2017, by Paul Evans, (email paul.miracles57@gmail.com). News sources are How Utah Keeps the American Dream Alive, Bloomberg View, March 28, 2017, by Megan McArdle; and Severe Inequality Is Incompatible With the American Dream, The Atlantic, Business, December 10, 2016, by Alana Semuels. Featured photo is courtesy of Georgetown Progressive. Included video is Park Avenue money, power and the American dream: Why Poverty, Earthbound and YouTube – 59:03.

See A New Alliance Between the Political Left and True Conservatives, The Daily Walk with Miracles, March 25, 2017, by Paul Evans.

Bloomberg (from an email newsletter):

“There’s no getting around it: For a girl raised on the Upper West Side of Manhattan, Salt Lake City is a very weird place.

“I went to Utah precisely because it’s weird. More specifically, because economic data suggest that modest Salt Lake City, population 192,672, does something that the rest of us seem to be struggling with: It helps people move upward from poverty. I went to Utah in search of the American Dream.

“Columnists don’t talk as much as they used to about the American Dream. They’re more likely to talk about things like income mobility, income inequality, the Gini coefficient — sanitary, clinical terms. These are easier to quantify than a dream, but also less satisfying. We want money, yes, but we hunger even more deeply for something else: for possibility. It matters to Americans that someone born poor can retire rich. That possibility increasingly seems slimmer and slimmer in most of the nation, but in Utah, it’s still achievable. …”

Also read Severe Inequality Is Incompatible With the American Dream, The Atlantic, Business, December 10, 2016, by Alana Semuels: “In the 1980s, the top 1 percent of adults earned 27 times more than the bottom 50 percent. Now, they earn 81 times more.”

Paul Evans: IN other words, in Utah, there is hope. Without hope the people can have no faith in their leaders, nor the confidence to make enough purchases to fuel the economy. But in “fairly prosperous” Wooster, most of the “have nots” I know have mostly lost hope. In the U.S. right now, while we read that the super-rich have invested $552.9 Trillion in derivatives and OTC swaps, somewhere in the neighborhood of 50 to 75 percent of Americans live paycheck to paycheck. For us, the possibility of actual homelessness is lurking in that one unexpected large expense where we cannot, for example, repair the car which takes us to our minimum wage job, and protects us and our families. In my home state of Ohio, fully one quarter of our children are at the risk of real hunger each and every month. This IS too much inequality, and it invokes economic karma.

If Donald Trump can’t fix this and give us more and better and better-paying jobs, soon it WILL be “all up” and the global economy will collapse. I could belabor the point, but the fact is, the real misery index (not the fake government one) makes the probable future clear. And if the economy does collapse, it would be TWICE as bad as the great depression, so say the experts.

How can “the masses” buy televisions or computers or newer cars if we live paycheck to paycheck? In this way it should be understood that the American economy CANNOT really grow much unless economic inequality is addressed in a fundamental way. You cannot really base an economy on the purchases of the top ten percent. And also, the super-rich and the investment banks have raided the people’s savings accounts too. There remains (I have read) only 1/4 to 1/2 cent left in our savings accounts backing every dollar in circulation. This is known as “unleveraged debt,” and it is VERY unsafe for an economy and a society. We MUST do better.

Utah and Salt Lake City, apparently, are capitalism working the way it should work. President Trump should take notice and copy the models and methods employed there. The example of Utah, specifically Salt Lake City, does give me some reason for hope.

Park Avenue
and the American Dream
Why Poverty

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