Our senior economist Alan Reynolds is once again in print with the Wall St. Journal. Check out his thoughts on the perseverance of the American Dream here.
Here’s a paragraph:
To repeat, there is no evidence that it has become harder to get ahead through hard work at school and on the job. Efforts to claim otherwise appear intended to make any gaps between rich and poor appear unfair, determined by chance of birth rather than personal effort. Such efforts require both a denial that progress has been widespread and an exaggeration of income differences. To deny progress, the Times series claims that “for most workers, the only time in the last three decades when the rise in hourly pay beat inflation was during the speculative bubble of the 90’s.” Could anyone really believe most workers have rarely had a real raise in three decades? Real income per household member rose to $22,966 in 2003 from $16,420 in 1983 (in 2003 dollars)–a 40% gain.