NC Budget and Tax Center

Is the American Dream slipping out of reach for North Carolina residents?

As reported in this week’s issue of Prosperity Watch, North Carolinian’s are slipping behind the nation in terms of the economic mobility, the ability of state residents to achieve upward mobility in their incomes.  Given the growing gap between our state and the rest of the nation, we are faced with an unfortunate question—Is the American Dream beginning to slip out of reach for most North Carolina residents?

10 Comments

  1. Alex

    June 6, 2012 at 1:33 pm

    The American Dream is currently a nightmare as we slip deeper and deeper into insolvency !

  2. david esmay

    June 6, 2012 at 1:40 pm

    Thanks to the GOP’s decades of debt financed growth, yes.

  3. Jack

    June 6, 2012 at 3:58 pm

    Yes.

  4. Alex

    June 6, 2012 at 4:03 pm

    I believe tax revenues went up after the Bush tax cuts ! check it out ! Even had 4% unemployment during those years Jack !

  5. Doug

    June 6, 2012 at 4:07 pm

    Somebody please get David out of the time machine- he’s driving me crazy.

  6. Allan Freyer

    June 6, 2012 at 4:22 pm

    If any of you are interested in learning more about the increasing income immobility seen in the first decade of the 2000s, I’d recommend the newest piece from Tazra Mitchell (http://www.ncjustice.org/?q=node/1405). It’s worth noting that the analysis–which finds that NC has lagged significantly behind the rest of the nation in terms of upward income mobility–looks at the period leading up the Great Recession. As a result, it really has no bearing on either the national debt (which has been inexplicably referenced in the comments) or the national economy’s performance after 2007, except to emphasize that large swaths of the state’s labor market were already suffering prior to the recession and have likely experienced ltitle improvement since.

  7. Allan Freyer

    June 6, 2012 at 4:36 pm

    One last point that’s worth making here, even though it is wildly off topic. The US Treasury, the Congressional Joint Tax Committee, and the Congressional Budget Office across multiple administrations and partisan majorities have examined the question of whether tax cuts pay for themselves by generating sufficient economic growth to boost revenues beyond the levels lost in the first place. In short, they don’t. Tax cuts always lose more revenue than is gained back through economc growth, largely because even large-scale tax cuts are just not that stimulative (and are even less so when paired with deep spending cuts). This piece from the Center on Budget & Policy Priorities (http://www.cbpp.org/cms/index.cfm?fa=view&id=367) provides an excellent explanation of this important issue.

  8. Doug

    June 6, 2012 at 5:19 pm

    We sure didn’t get much from the $ 1 Trillion Obama stimulus did we ?

  9. Doug

    June 6, 2012 at 5:27 pm

    Couldn’t you apply the same logic to tax increases ?

  10. wncgirl

    June 7, 2012 at 2:14 pm

    Senator Davis Republican has told educators that the American dream is not for everybody and public education is wasted on special needs children. His insight leads him to believe that all special needs kids need is a place to give their parents a break; like respite care for the elderly. Excuse me while I find a barf-bag.