Bill Mitchell — Upward mobility declines sharply as the rich make off with the growth

Decline of socioeconomic mobility is at least as serious a social and political problem as inequality of wealth and income. There is a lot of attention on inequality lately and not enough on declining socio-economic mobility — the end of the American Dream in which the next generation not only enjoys a higher stand of living than the previous but the children move up the social and economic scale, being better educated and employed at a higher level, as well as being more prosperous.

As Bill says, this is "unsustainable." Something has to give.

Bill Mitchell – billy blog
Upward mobility declines sharply as the rich make off with the growth
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia