Economic Mobility

In: English and Literature

Words 831
Pages 4
Yallander Ford
Eng 101-113
Prof. Susan Horowitz
April 4, 2012

This idea of economic mobility, which is defined, as one’s ability to move up the economic ladder by means of hard work and a good education, is an idea deeply entrenched in the Psyche of the American society. It is taken for granted that once you obtain a college education and have a good work ethic, you will move through the economic rank. However, this premise is being severely challenged and by all accounts, not holding up. This is a point reverberated by both Holly Sklar in her piece “The Growing Gulf Between the Rich and the Rest of Us” and the publication “The Economist through their piece “Inequality and the American dream.”
Holly dismisses this idea by pointing out the fact that we have become a downward rather than an upward mobile society. This is quite evident when you examine the growing gap between the rich and the rest of us. She points out that median household income has fallen for the fifth year running, while at the other end of the spectrum the opposite holds true. She argues that to make it in the Forbes 400, one would have to amass $900 million, an increase of $150 million from four years ago. Sklar states they are bringing windfall profits to companies like Bechtel while they suspend regulations that shore up wages for workers. This is based on the no-bid contract given to father and son team Bechtel, although they had budget overruns and performed a shoddy job on a prior government project. Personally I notice many small businesses are struggling. Many of them would like the opportunity to receive a no-bid project so they can accumulate some earnings. But this opportunity has been disbursed to an already wealthy American.
While the basic premise of “The Economist” is that the present model works fine, it too cannot ignore the highly ever widening gap between the rich…...

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