John Stossel on Income Mobility Myths

It’s true that today the rich are richer than
ever. And the wealth gap between rich and poor has also grown: Now
the top 1 percent own more assets than the bottom 90 percent.

But focusing on this disparity ignores the fact
that over time, the rich and poor are not the same
people. Oprah Winfrey once was on welfare. Wal-Mart founder Sam
Walton was a farmhand. When markets are free, poor people can move
out of their income group, writes John Stossel. And in America,
income mobility—which matters more than income inequality—has
not really diminished over the past few decades.  

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