Are Your Children Likely to Make More Money than You?


No. The statistics are clear.  The ability to change class to move upward is very, very limited. Most people on average and most commonly will make about the same money as their parents.

Why are we in this situation? Well, education is no longer a likely venue to higher income. The privileged have access to Ivy League schools and privately educate their children from the nursery to college. Currently we have what is essentially two education systems in the United States, one for the upper class and public education for everyone else. God help anyone self-educated like Abraham Lincoln. People like that aren’t even in the ball game.

What else? Well there’s hiring practices. The upper middle class reassured by such books as “Emotional Intelligence” hire on the basis of comfort. And comfort by and large means hiring your own social class. It diminishes the importance of ability and makes skilled work annoying to others.

Contacts are another critical factor. I’ve heard many people say, “It’s not what you can do, it’s who you know.” I don’t think that knowing the plant manager is that big a deal down in the lower class where I dwell. That’s not what I’m talking about. I’m talking about access to Congressmen and Governors. I’m talking about the heads of corporations and the deans of business schools. I’m talking about knowing the players in the financial sector, of knowing where the levers are when it comes to getting loans, jobs and influence. Those are the contacts that make a difference.

Tell me, what’s all A’s at state U, compared to Harvard or Georgetown? What is raw ability when you don’t golf, wear the right clothes or speak the language of the upper class? What is your chance of moving up in the world when maybe you know a state representative and the other guy has a letter from the White House?

We can do better.

Ability should be the measure of success. Social class shouldn’t be a burden borne only by the workers. The cozy club atmosphere of the privileged should be open to all comers.

James Pilant

Here is the article title and a paragraph explaining the numbers behind my claims.

The Rise and Consequences of Inequality in the United States
Alan B. Krueger
Chairman, Council of Economic Advisers
January 12, 2012

More research has been done on intergenerational income mobility. Studies find that your
parent’s income is a good predictor of your subsequent income. Studies that use income data
averaged over longer periods of time for parents and children tend to find higher correlations
between parental and children’s income. A reasonable summary is that the correlation between
parents’ and their children’s income is around 0.50. This is remarkably similar to the correlation
that Sir Francis Galton found between parents’ height and their children’s height over 100 years
ago. This fact helps to put in context what a correlation of 0.50 implies. The chance of a person
who was born to a family in the bottom 10 percent of the income distribution rising to the top 10
percent as an adult is about the same as the chance that a dad who is 5’6” tall having a son who
grows up to be over 6’1” tall. It happens, but not often.

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Abraham Lincoln’s Legal Ethics


Abraham Lincoln’s Legal Ethics

Lincoln accepted fees that he regarded as fair, sometimes even refusing to accept fees. He was certainly not a “job creator,” not rich, by the standards of the time, and his wife tended to spend money freely. Certainly with a growing family and some political ambitions, he could have used more money but he was unwilling to treat his clients in what he regarded as an unfair manner whatever the professional customs of the time dictated. When confronted by an ethical dilemma, he went his own way. He did not appear to be concerned with the question, “What does everybody else do?”

James Pilant

Abraham Lincoln’s Legal Ethics

“CATCH ‘EM AND CHEAT ‘EM.”

The lawyers on the circuit traveled by Lincoln got together one night and tried him on the charge of accepting fees which tended to lower the established rates. It was the understood rule that a lawyer should accept all the client could be induced to pay. The tribunal was known as “The Ogmathorial Court.”

Ward Lamon, his law partner at the time, tells about it:

“Lincoln was found guilty and fined for his awful crime against the pockets of his brethren of the bar. The fine he paid with great good humor, and then kept the crowd of lawyers in uproarious laughter until after midnight.

“He persisted in his revolt, however, declaring that with his consent his firm should never during its life, or after its dissolution, deserve the reputation enjoyed by those shining lights of the profession, ‘Catch ’em and Cheat ’em.'”

And another story –

CREDITOR PAID DEBTORS DEBT.

A certain rich man in Springfield, Illinois, sued a poor attorney for $2.50, and Lincoln was asked to prosecute the case. Lincoln urged the creditor to let the matter drop, adding, “You can make nothing out of him, and it will cost you a good deal more than the debt to bring suit.” The creditor was still determined to have his way, and threatened to seek some other attorney. Lincoln then said, “Well, if you are determined that suit should be brought, I will bring it; but my charge will be $10.”

The money was paid him, and peremptory orders were given that the suit be brought that day. After the client’s departure Lincoln went out of the office, returning in about an hour with an amused look on his face.

Asked what pleased him, he replied, “I brought suit against ——, and then hunted him up, told him what I had done, handed him half of the $10, and we went over to the squire’s office. He confessed judgment and paid the bill.”

Lincoln added that he didn’t see any other way to make things satisfactory for his client as well as the other.

And another –

NEVER SUED A CLIENT.

If a client did not pay, Lincoln did not believe in suing for the fee. When a fee was paid him his custom was to divide the money into two equal parts, put one part into his pocket, and the other into an envelope labeled “Herndon’s share.”

And still one more –

“RATHER STARVE THAN SWINDLE.”

Ward Lamon, once Lincoln’s law partner, relates a story which places Lincoln’s high sense of honor in a prominent light. In a certain case, Lincoln and Lamon being retained by a gentleman named Scott, Lamon put the fee at $250, and Scott agreed to pay it. Says Lamon:

“Scott expected a contest, but, to his surprise, the case was tried inside of twenty minutes; our success was complete. Scott was satisfied, and cheerfully paid over the money to me inside the bar, Lincoln looking on. Scott then went out, and Lincoln asked, ‘What did you charge that man?’

“I told him $250. Said he: ‘Lamon, that is all wrong. The service was not worth that sum. Give him back at least half of it.’

“I protested that the fee was fixed in advance; that Scott was perfectly satisfied, and had so expressed himself. ‘That may be,’ retorted Lincoln, with a look of distress and of undisguised displeasure, ‘but I am not satisfied. This is positively wrong. Go, call him back and return half the money at least, or I will not receive one cent of it for my share.’

“I did go, and Scott was astonished when I handed back half the fee.

“This conversation had attracted the attention of the lawyers and the court. Judge David Davis, then on our circuit bench (afterwards Associate Justice on the United States Supreme bench), called Lincoln to him. The Judge never could whisper, but in this instance he probably did his best. At all events, in attempting to whisper to Lincoln he trumpeted his rebuke in about these words, and in rasping tones that could be heard all over the court-room: ‘Lincoln, I have been watching you and Lamon. You are impoverishing this bar by your picayune charges of fees, and the lawyers have reason to complain of you. You are now almost as poor as Lazarus, and if you don’t make people pay you more for your services you will die as poor as Job’s turkey!’

“Judge O. L. Davis, the leading lawyer in that part of the State, promptly applauded this malediction from the bench; but Lincoln was immovable.

“‘That money,’ said he, ‘comes out of the pocket of a poor, demented girl, and I would rather starve than swindle her in this manner.'”

From – LINCOLN’S YARNS AND STORIES

A Complete Collection of the Funny and Witty Anecdotes that made Abraham Lincoln Famous as America’s Greatest Story Teller With Introduction and Anecdotes

By Alexander K. McClure

(This material is in the public domain.)

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Abraham Lincoln and the Bottom 47%


Abraham Lincoln and the bottom 47%

Abraham Lincoln and the Bottom 47%

Recently, a presidential candidate referred to bottom 47% of the American population as self identified victims. Abraham Lincoln had a different view of the poor. He had a deep concern for the less fortunate in society as is illustrated by this story (below). Would we lived in such times that this kind of judgment (and the kind of man who would make it) were honored and esteemed. Instead we are told to worship and respect the “job creators,” the PR name for what are often little more than predators.

James Pilant

 

“AND YOU DON’T WEAR HOOPSKIRTS.”

 

An Ohio Senator had an appointment with President Lincoln at six o’clock, and as he entered the vestibule of the White House his attention was attracted toward a poorly clad young woman, who was violently sobbing. He asked her the cause of her distress. She said she had been ordered away by the servants, after vainly waiting many hours to see the President about her only brother, who had been condemned to death. Her story was this:

 She and her brother were foreigners, and orphans. They had been in this country several years. Her brother enlisted in the army, but, through bad influences, was induced to desert. He was captured, tried and sentenced to be shot—the old story.

 The poor girl had obtained the signatures of some persons who had formerly known him, to a petition for a pardon, and alone had come to Washington to lay the case before the President. Thronged as the waiting-rooms always were, she had passed the long hours of two days trying in vain to get an audience, and had at length been ordered away.

 The gentleman’s feelings were touched. He said to her that he had come to see the President, but did not know as he should succeed. He told her, however, to follow him upstairs, and he would see what could be done for her.

 Just before reaching the door, Mr. Lincoln came out, and, meeting his friend, said good-humoredly, “Are you not ahead of time?” The gentleman showed him his watch, with the hand upon the hour of six.

 “Well,” returned Mr. Lincoln, “I have been so busy to-day that I have not had time to get a lunch. Go in and sit down; I will be back directly.”

 The gentleman made the young woman accompany him into the office, and when they were seated, said to her: “Now, my good girl, I want you to muster all the courage you have in the world. When the President comes back, he will sit down in that armchair. I shall get up to speak to him, and as I do so you must force yourself between us, and insist upon his examination of your papers, telling him it is a case of life and death, and admits of no delay.” These instructions were carried out to the letter. Mr. Lincoln was at first somewhat surprised at the apparent forwardness of the young woman, but observing her distressed appearance, he ceased conversation with his friend, and commenced an examination of the document she had placed in his hands.

 Glancing from it to the face of the petitioner, whose tears had broken forth afresh, he studied its expression for a moment, and then his eye fell upon her scanty but neat dress. Instantly his face lighted up.

 “My poor girl,” said he, “you have come here with no Governor, or Senator, or member of Congress to plead your cause. You seem honest and truthful; and you don’t wear hoopskirts—and I will be whipped but I will pardon your brother.” And he did.

From – LINCOLN’S YARNS AND STORIES

A Complete Collection of the Funny and Witty Anecdotes that made Abraham Lincoln Famous as America’s Greatest Story Teller With Introduction and Anecdotes

By Alexander K. McClure

(This material is in the public domain.)

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Abraham Lincoln’s Business Ethics


Abraham Lincoln’s business ethics

Abraham Lincoln’s Business Ethics

Abraham Lincoln on being presented with a moral conundrum chose to “bend” the rules. Generally speaking, it is wrong to break the rules but it is also wrong to unquestionably obey them under all circumstances. Lincoln knew when to bend the rules. 

James Pilant

HE “SKEWED” THE LINE.

When a surveyor, Mr. Lincoln first platted the town of Petersburg, Ill. Some twenty or thirty years afterward the property-owners along one of the outlying streets had trouble in fixing their boundaries. They consulted the official plat and got no relief. A committee was sent to Springfield to consult the distinguished surveyor, but he failed to recall anything that would give them aid, and could only refer them to the record. The dispute therefore went into the courts. While the trial was pending, an old Irishman named McGuire, who had worked for some farmer during the summer, returned to town for the winter. The case being mentioned in his presence, he promptly said: “I can tell you all about it. I helped carry the chain when Abe Lincoln laid out this town. Over there where they are quarreling about the lines, when he was locating the street, he straightened up from his instrument and said: ‘If I run that street right through, it will cut three or four feet off the end of ——’s house. It’s all he’s got in the world and he never could get another. I reckon it won’t hurt anything out here if I skew the line a little and miss him.”‘

The line was “skewed,” and hence the trouble, and more testimony furnished as to Lincoln’s abounding kindness of heart, that would not willingly harm any human being.

From – LINCOLN’S YARNS AND STORIES

A Complete Collection of the Funny and Witty Anecdotes that made Abraham Lincoln Famous as America’s Greatest Story Teller With Introduction and Anecdotes

By Alexander K. McClure

(This material is in the public domain.)

 

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An Abraham Lincoln Story for the New Year, 2012


CREDITOR PAID DEBTORS DEBT.

A certain rich man in Springfield, Illinois, sued a poor attorney for $2.50, and Lincoln was asked to prosecute the case. Lincoln urged the creditor to let the matter drop, adding, “You can make nothing out of him, and it will cost you a good deal more than the debt to bring suit.” The creditor was still determined to have his way, and threatened to seek some other attorney. Lincoln then said, “Well, if you are determined that suit should be brought, I will bring it; but my charge will be $10.”

The money was paid him, and peremptory orders were given that the suit be brought that day. After the client’s departure Lincoln went out of the office, returning in about an hour with an amused look on his face.

Asked what pleased him, he replied, “I brought suit against ——, and then hunted him up, told him what I had done, handed him half of the $10, and we went over to the squire’s office. He confessed judgment and paid the bill.”

Lincoln added that he didn’t see any other way to make things satisfactory for his client as well as the other.

 

This story is from Alexander K. McClure’s collection of Abraham Lincoln Stories entitled: Lincoln’s Yarns and Stories.  It has long ago passed into the public domain.

James Pilant

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Business Ethics in History – Abraham Lincoln


… An old acquaintance in Illinois, having organized a bank under the new National Bank Act, wrote offering some of the stock to Lincoln, who replied with thanks, saying he recognized that stock in a good national bank would be a good thing to hold, but he did not feel that he, as President, ought to profit from a law which had been passed under his administration. “He seemed to wish to avoid even the appearance of evil,” said the banker.

Carl Sandburg’s

Abrahm Lincoln – The War Years, 1861-1864

Page 344

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Sane ideas from Tufts psychiatry prof: Linking effective leadership and mental illness (via Minding the Workplace)


This is different. Very different.

Mental illness as an advantage?

I guess. The article is persuasive.

Are mental problems really an adaption to difficulties. If the strategy is successful, maybe its not crazy but a successful adaption.

Maybe, someone smart enough to adapt in so strange a fashion has superior powers of creation and those have application in other fields?

I don’t know.

See what you think?

James Pilant

Sane ideas from Tufts psychiatry prof: Linking effective leadership and mental illness When Nassir Ghaemi, a professor of psychiatry at Tufts Medical Center, studied prominent figures of the American Civil War, he discovered that many of the greatest leaders during the war (e.g., Abraham Lincoln and Union general Ulysses Grant) were mentally abnormal or mentally ill, while many … Read More

via Minding the Workplace

How Kansas City Honors Lincoln!


Abraham Lincoln and his son, Tad

The sculpture was the result of a community-wide effort lead by Orville W. Anderson, a retired insurance salesman, civic volunteer, and political activist, who raised almost $140,000 to commission the sculpture. The Orville W. Anderson Committee for a Lincoln Memorial solicited funds from trusts, foundations, corporations, and individuals. Included in the erection of the memorial was an endowment for maintenance. IAS files include articles from the Kansas City Times, May 27, 1985 and Sept. 16, 1983, the Kansas City Star, Feb. 10, 1986; and a resolution dated July 28, 1983 by the Kansas City City Council to authorize installation of the monument. (from the Smithsonian Web Site) 

I don’t know about you but I think this is beautiful.

James Pilant