Stiglitz steals pessimism from the jaws of optimism

Nice piece here from the McLean Parlour on the subject of equality and social mobility in the states.

From their blog:

Joseph Stiglitz recently argued that measurable social mobility in America is incongruent with the often ascribed “land of opportunity” label. According to Stiglitz, “only 58 percent of Americans born into the bottom fifth of income earners move out of that category, and just 6 percent born into the bottom fifth move into the top.

“Only” 58%? As in, more than half? “Just” 6% make it from being dirt poor (bottom fifth) all the way up to being incredibly rich (top fifth)? Can someone tell me in what way this is bad news exactly?

Read the rest of blog at Equality in America and the Myth of Social Immobility.