Americans Have Lost Faith In Their Ability To Move From Poverty To Riches
“People in the United States and other developed countries are losing faith in the capitalist system to improve their lives, according to a new global poll commissioned by the World Economic Forum, published on the eve of its annual meeting in Davos, Switzerland. Almost two-thirds of U.S. respondents said it was no longer commonplace for hard work to be a sure path from poverty to riches, with only 10 percent saying it was extremely common. The lack of faith in the current system to deliver upward mobility was even more marked in Western Europe, where only a fifth of respondents said it was common to be able to start poor and become wealthy through hard work.”