Your daily reminder: the general belief that hard work pays off is a lie. Some people rise up out of poverty, but for the vast majority your parents' wealth defines your own https://twitter.com/DavidKlion/status/1007985301015457792 …
Conversely, if your parents are sufficiently wealthy, it is unlikely that you will ever be truly poor
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On the plus side, we CAN change this! This graph shows "earnings persistence". Essentially, the proportion of people who earned the same approx. wage as their parentspic.twitter.com/n0Hgtv02IT
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Down at the bottom left, the highly socialized Nordic nations do a fantastic job of providing for social mobility Australia does ok, but the US and UK don't do nearly so wellpic.twitter.com/IDAeMGzgXM
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There are tons of measures for this, but basically the more money you put into social support, the less fixed everyone's place in society Not really a surprise
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If we want to give everyone a truly "equal" opportunity, the answer isn't to tax LESS it's to tax MORE That's the only way to equalize the advantages conferred by being born rich
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