Howell continues his “Metrics of Protest” series. -Jeff

Extreme inequality has finally made it to prime time. Occupy Wall Street helped focus attention on the problem last Fall, and President Obama finally rose to the challenge with what was perhaps the best speech of his presidency. He spoke forthrightly about the massive and continued growth in inequality, linking this to the collapse of the middle class and to the obstructionism of the Republican-controlled Congress.

Concern over rising inequality has even made its way into the Republican presidential primary debates. While Mitt Romney has announced (with the Supreme Court) that “corporations are people” (see Stephen Colbert’s hilarious PAC advertisement), he has also said that he is really concerned about the poor and that we should address income inequality, but only in “quiet rooms.”

The argument on the right has always been that people should not bemoan extreme inequality as long as America remains the land of opportunity, where anyone who goes to school and works hard can make it. Those of a certain age will remember the 1960s pop hymn to American mobility “Only in America” by Jay and the Americans (who else?). Did anyone question the reality behind these uplifting lyrics? At least for white people?

But now the reality behind mobility promise of America has also hit prime time. The New York Times ran a front page story on the compelling evidence, quite well-known for some time among labor economists (at least progressive ones), that Americans actually have far lower chances of moving up the income ladder than those in other rich countries. Extreme inequality and low social mobility have become definitive of the American social condition, an apparent refutation of the American dream.

The latest . . .

Read more: Inequality and the Fantasy of American Upward Mobility: The “Great Gatsby Curve”