Chart of the Day: The Great Gatsby Curve

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Via Counterparties, I see that the White House has released an animated version of a chart created recently by Alan Krueger, Chairman of the Council of Economic Advisers:

The Great Gatsby Curve illustrates the connection between concentration of wealth in one generation and the ability of those in the next generation to move up the economic ladder compared to their parents….The curve shows that children from poor families are less likely to improve their economic status as adults in countries where income inequality was higher — meaning wealth was concentrated in fewer hands — around the time those children were growing up.

In a nutshell, children of poor families have a hard time moving up in the world in countries with lots of income inequality:

So why does this matter for the United States? The U.S. has had a sharp rise in inequality since the 1980s. In fact, on the eve of the Great Recession, income inequality in the U.S. was as sharp as it had been at any period since the time of “The Great Gatsby.”

I know I’ve declared jihad on animated GIFs, but this one is actually sort of useful. It only takes a minute to unfold, and it demonstrates the problem pretty dramatically. Krueger’s full speech from last year is here.

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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