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The American Dream Is Now a Myth: Joseph Stiglitz

Once seen as the land of opportunity, the U.S. today is grappling with rising inequality and a political system that benefits the rich at the expense of others, resulting in lower growth and risking the death of the American dream, according to Nobel prize-winning economist Joseph Stiglitz.

Simon Willms | Stone | Getty Images

“The U.S. worked hard to create the American dream of opportunity. But today, that dream is a myth,” Stiglitz wrote in an opinion piece in the Financial Times Tuesday.
Stiglitz said U.S. inequality is at the highest point in nearly a century and the gap between those with the median income and those at the top is growing.“The U.S. used to think of itself as a middle-class country – but this is no longer true,” he said. “Today, a child’s life chances are more dependent on the income of his or her parents than in Europe, or any other of the advanced industrial countries for which there are data.”

• Slideshow: America's Biggest Wealth Gaps

According to a Census Bureau report, U.S. household income inequality has grown by 18 percent since 1967, although this trend has slowed in recent years. Wealth disparity is also proving to be a hot topic during the 2012 election year, with Democrats arguing that Republican candidate Mitt Romney’s wealth makes him out of touch with ordinary Americans.

Franco Origlia | Getty ImagesJoseph Stiglitz, the Nobel prize-winning economist and former Chief Economist at the World Bank.

According to Stiglitz, regulations, particularly those governing the financial sector are contributing to the disparities.
“Financial regulations allow predatory lending and abusive credit-card practices that transfer money from the bottom to the top. So do bankruptcy laws that provide priority for derivatives,” he said.Stiglitz argues that Americans were increasingly being made to think that higher income inequality was a byproduct of faster growth, but he says that’s a false choice. The U.S. economy grew faster in the decades after the Second World War, when inequalities were lower, than it did after 1980, he said.“Textbooks teach us that we can have a more egalitarian society only if we give up growth or efficiency,” he said. “However, closer analysis shows that we are paying a high price for inequality: it contributes to social, economic and political instability, and to lower growth.”

Western countries with the healthiest economies, such as those in Scandinavia, have the highest degree of equality, Stiglitz noted.

• Slideshow: America's 10 Richest Counties

http://www.cnbc.com//id/47957186

U.S. Import Supremacy Seen Falling To China And Germany B

Germany and China will leapfrog the U.S. to become the world’s largest importers by 2026, according to a study by HSBC Holdings Plc that also forecast a “tipping point” in the balance of trade power in the next five years.The shift means growth in traditionally export-driven countries will come from imports, HSBC said today in its Global Connections report. Imports in China, India and Brazil, which along withRussia make up the BRIC bloc, will begin expanding more than exports over the next five years in a trend that will last through at least 2026, it said.“We will soon see that imports will grow faster than exports in emerging markets,” Alan Keir, HSBC’s London-based global head of commercial banking, said in an e-mailed statement. “This will signify a shift where traditionally export-driven countries will drive developed and emerging market growth as their own trade demands become more powerful.”Emerging economies will underpin global growth this year and next as the euro region’s debt crisis weighs down wealthy nations, the International Monetary Fund said in a June 20 report. While industrialized countries “clearly still represent the largest share of global trade by volume,” growth is easing, particularly in Europe, and emerging nations are outpacing the developed world in terms of speed of trade expansion, HSBC said.

‘Challenging Test’

http://www.bloomberg.com/news/2012-06-25/u-s-import-supremacy-seen-falling-to-china-and-germany.html