America’s naïvete about money
A fascinating survey was conducted by Time magazine for the 2000 U.S. election cycle (disected later in an op-ed piece by David Brooks in the New York Times). It’s rare that a few numbers say so much about a nation’s misunderstanding of itself.
When Americans were asked if they are in the wealtheist one percent of the population, 19% of them said “yes”. A further 20% of them said “no, but I will be at some point in my life”.
America’s foundational story is that anyone, however lowly, can get rich. This is the land of opportunity. But, according to the data, a poor child’s odds of striking it rich are better in Europe.