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Strategies & Market Trends : The coming US dollar crisis

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From: marcher6/6/2019 9:59:45 AM
   of 63125
u.s. cultural delusions:

--Yet in fact, the poor (the bottom 20%) work roughly the same total annual hours in the US and
Europe. And economic opportunity and intergenerational mobility is more limited in the US than
in Europe. The US intergenerational mobility statistics bear a striking resemblance to those for
height: US children born to poor parents are as likely to be poor as those born to tall parents
are likely to be tall. And research has repeatedly shown that many people in the US don’t know
this: perceptions of social mobility are consistently over-optimistic.

European countries have, on average, more redistributive tax systems and more welfare benefits
for the poor than the US, and therefore less inequality, after taxes and benefits. Many people
see this outcome as a reflection of the different values that shape US and European societies.
But cause-and-effect may run the other way: you-deserve-what-you-get beliefs are strengthened
by inequality.

Psychologists have shown that people have motivated beliefs: beliefs that they have chosen to
hold because those beliefs meet a psychological need. Now, being poor in the US is extremely
tough, given the meagre welfare benefits and high levels of post-tax inequality. So Americans
have a greater need than Europeans to believe that you deserve what you get and you get what
you deserve. These beliefs play a powerful role in motivating yourself and your children to
work as hard as possible to avoid poverty. And these beliefs can help alleviate the guilt
involved in ignoring a homeless person begging on your street.--
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