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Originally Posted by jamesqf
That hardly squares with the facts. Take a look at the list of richest people in the US here: The Richest People in America - Forbes.com Most of those people didn't start from wealth (especially if you exclude the heirs of Sam Walton, who didn't start rich), and you can find plenty of similar stories all the way down the economic ladder. |
Once again, in your response you address an entirely different point than the one being made. No one said that opportunity was lacking in America or that no one but the rich could become rich.
BTW, since you disagree, consider that there is no way the rich will become richer in a non-capitalist economy.
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If people live below their income, save, and invest with a modicum of sense, they are very likely to become richer. If they choose to live above their income, and finance their consumerist lifestyles with money borrowed at credit-card interest rates, they are likely to become poor.
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All true, but not the point of the statement, at all. The point is that it is easier for someone who is already rich to become richer with less effort than for someone who is starting out with few(er) assets. Also, regarding the poor, they will become poorer if they have no assets to invest, as price inflation is constant over time (and even rampant sometimes, as with necessities such as food and fuel). Inflation makes everyone poorer, as whatever profits (gains) generated from inflated markets is taxable as income.
(P.S. The original statement wasn't even mine. I just agreed that it is basically true.)