Today the top trends forecaster in the world, Gerald Celente, stated the American dream has turned into the American nightmare. Even more troubling is the already dire situation is deteriorating by the day.
A Dream Turned Into A Nightmare
June 27 (King World News) – Gerald Celente: A key component of the traditional “American Dream” is the ideal that anyone can climb from poverty to prosperity by their own hard work.
However, it is easier to fulfill that aspect of the dream in Australia, Denmark, Germany, or the U.K. than in the U.S., according to a new report.
The study, titled “The Intergenerational Persistence of Poverty in High-Income Countries,” looked at poverty’s persistence from one generation to the next in various nations.
The result: “Intergenerational poverty in the U.S. is four times stronger than in Denmark and Germany, and twice as strong as in Australia and the U.K.”
The study was conducted by researchers at Bocconi University in Italy, Sweden’s Stockholm University, and the Rockwool Foundation, a Danish charity.
The research data showed that childhood poverty in the U.S. carries a 43-percent chance of producing an adult living in poverty. In contrast, the correlation in Denmark is just 8 percent…
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The correlation between poverty as a child and as an adult has little to do with education, racial discrimination, or geographic location, the study team found.
Instead, continuing poverty correlates to a country’s tax rates and structures and the social safety net, they said.
“The U.S. is the archetype of a liberal and residualist welfare state, featuring stratified access to higher education and employment, strong earnings returns to higher education, and a comparatively weak welfare state to insure against risks in adulthood,” the report concluded.
The group cited a “residual poverty penalty” in the U.S., meaning the lifetime damage that can be done by childhood poverty, such as the absence of adequate health care or a good education.
“Exposure to childhood poverty is particularly severe in the U.S.,” the study said.
The new study mirrors the result of a 2017 report by the Federal Reserve Bank of St. Louis.
The Fed analysis projected the chances of a child born in the lowest-earning 20 percent of families climbing into the top 20 percent.
The odds were 13.5 percent in Canada, 11.7 percent in Denmark, 9 percent in the U.K., and 7.5 percent in the U.S.
In April 2022, a study from the Federal Reserve Bank of Chicago confirmed that economic mobility in the U.S. has been declining for more than 40 years and had fallen below that of several other advanced nations…
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TREND FORECAST:
As we have long forecast, the decline of America’s middle class parallels the demise of the antitrust laws such as the Robinson-Patman Act, The Sherman Antitrust Act, The Clayton Antitrust Act, the Federal Communications Act, The Glass-Steagall Act etc., that allowed the “Bigs” to get bigger and kill the mom-and-pop and small businesses enterprises that once inhabited a place called “The Land of Opportunity.”
What also killed America’s middle class are the hundreds of trillions stolen from taxpayers and given to the military industrial complex to kill millions across the globe in endless wars… rather than spending that money to build the economy. As Gerald Celente has long noted, “The business of America is war. The business of China is business.”
ALSO JUST RELEASED: OWN GOLD: Jim Grant Just Issued This Warning About Business And Credit Conditions In The US CLICK HERE.
ALSO JUST RELEASED: STORM ON THE HORIZON: 3 Macro Events Poised To Unfold In Rapid Successions As Credit Crunch Intensifies CLICK HERE.
ALSO JUST RELEASED: Big Money Will Be Made In Silver, Plus A Commodity Boom Is Coming CLICK HERE.
ALSO JUST RELEASED: Waiting For The Fed Pivot As More Things Break And US China Financial War Heats Up CLICK HERE.
***To listen to James Turk discuss the three key levels that need to be broken on the upside as well as what to expect in the back half of the year CLICK HERE OR ON THE IMAGE BELOW.
***To listen to Alasdair Macleod discuss why gold is bottoming and what to expect from silver and the mining stocks CLICK HERE OR ON THE IMAGE BELOW.
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