"Figures on inheritance tell much the same story. According to a study published by the Federal Reserve Bank of Cleveland, only 1.6% of Americans receive $100,000 or more in inheritance. Another 1.1% receive $50,000 to $100,000. On the other hand, 91.9% receive nothing (Kotlikoff & Gokhale, 2000)."
paulsc: Fails, of course, entirely to explain Bill Gates, Warren Buffett ... [etc] The Horatio Alger story remains powerful, because in America, still, sometimes, it's true.
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