A rising tide lifts all boats
I’ve periodically mentioned here a visit I made many years ago to the Tenement Museum in New York. Every time I mention it, I make the same point: the museum demonstrates America’s social mobility because census records show that the tenement’s descendents all moved upwards economically. Grandpa Guiseppe or Grandma Sadie might have had a miserable experience, but their grandchildren and great grandchildren were prosperous, mainstream Americans.
Here’s a video that says this is no surprise, as America is characterized by income mobility — stick around in this country long enough, and stay away from the welfare trap, and you too can make money or, at least, your descendents can:
[youtube]http://www.youtube.com/watch?v=vDhcqua3_W8[/youtube]
(Hat tip: The New Editor)
If you go to the YouTube page for the video, you’ll see a bunch of garbled comments saying that the video is a lie. As you all know, aside from common sense financial observations (i.e., if you spend less money, you’ll have more money in pocket, whether you’re an individual or a government), convoluted economic theories tend to muddle me. This video offers a very straightforward theory and, in keeping with my reverence for Occam’s Razor, I’m inclined to believe it. Do you support the video or do you see errors?