In SF we just elected a new district attorney. This guy: both parents spent decades in prison for murdering people in a terror attack, was raised by family members who lead the terror group, and worked for Hugo Chavez. This isn’t hyperbolic. These are facts.
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That was the case in the first half of the 20th century, up until about 1980. The US has significantly less social mobility than other Western nations now. The main difference between 1980 and now is lower top tax rates and less financial regulation.
There's another major difference: you can use the internet to start a business with close to $0. You can also work from anywhere with a laptop. You can do side gigs much easier as well.
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You do realize that those options aren't available for the 60% of Americans who don't have a family or savings to fall back on if things don't work out, right? Anyway, Sweden has more dollar billionaires per capita than the US now. US social mobility has cratered. Data are data.
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Most (or close to most) of huge startups were founded by immigrants. I think most Fortune 500 companies were too. You can start something great without savings or a backup plan. And in some cases, it's actually better.
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