"Der Spiegel" interviews economist Joseph Stiglitz
SPIEGEL: Professor Stiglitz, how do
you expect the next President of the United States to tackle the problem
of unequal distribution of wealth?
Stiglitz: First, he has to recognize that there is a problem at
all. Watching inequality grow is like watching the grass grow. You don't
see it happening day by day, but over a period of time it becomes
visible.
SPIEGEL: What is the scale this inequality?
Stiglitz: In the last decades, income and wealth disparity have
grown dramatically in this country. Let me give you an example: In 2011,
the six heirs to the Walmart empire commanded wealth of almost $70
billion, which is equivalent to the wealth of the entire bottom 30
percent of US society.
SPIEGEL: The US has always thought of itself as a land of
opportunity where people can go from rags to riches. What has become of
the American dream?
Stiglitz: This belief is still powerful, but the American dream
has become a myth. The life chances of a young US citizen are more
dependent on the income and education of his parents than in any other
advanced industrial country for which there is data. The belief in the
American dream is reinforced by anecdotes, by dramatic examples of
individuals who have made it from the bottom to the top -- but what
matters most are an individual's life chances. The belief in the
American dream is not supported by the data.
