Insider Finance - Business - American dream's more likely abroad

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June 22, 2023

Hello, Insiders. Matt Turner here. The Federal Trade Commission sued Amazon on Wednesday, accusing the e-commerce behemoth of tricking customers into signing up for Prime subscriptions. The FTC complaint gives special mention to an Insider investigation from chief tech correspondent Eugene Kim, which reignited what had been a dormant probe into the tech giant.

But today’s big story is focused on social mobility rather than shopping. It turns out you’re more likely to live the American dream in Australia or Germany.

In today’s edition:

The wealthy keep booking risky trips to the highest and lowest points on Earth.
Work from home is crushing Midwestern downtowns.
Scientists believe they’ve found a cure for baldness.

— Matt Turner

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THE LATEST

Missing sub, Salesforce, & Ukraine

The missing Titanic submersible has likely used its 96 hours of oxygen, according to estimates. The vessel went missing on Sunday with five people on board. Read more.
Salesforce’s chief people officer offended some employees during a Pride kickoff. The company later edited the recording and deleted a related Slack thread. More here.
Footage shows Ukrainian special ops forces storming a trench and taking Russians by surprise. A US infantry veteran said they did “everything right.”

THE BIG STORY

American dream — abroad

Photo showing a poverty-stricken family living in New York’s Lower East Side, circa 1890

Mark Makela/Getty Images

You're more likely to live the American dream in Germany, Denmark, the UK, or Australia.

The American Dream might look a little different for everyone. But at its heart, it promises upward mobility — the opportunity to attain success no matter what situation you might be born into.

In a recent paper, a group of European academics explored how poverty persists across generations in multiple countries. They found that the impact of childhood poverty in determining poverty into young adulthood is four times stronger in the US than in Denmark or Germany.

This latest research echoes many similar findings looking at social and income mobility. The US ranks behind countries including Canada, Australia, the UK, Germany, Denmark, and more.

So yes, you're more likely to experience the American Dream outside the US.

READ THE FULL STORY HERE

TOP READS

‘Doom loop’, baldness discovery, & more

Getty Images; Alyssa Powell/Insider

The work-from-home “doom loop” hammering Middle America. Forget San Francisco and New York — Midwestern cities like St. Louis, Indianapolis, Minneapolis, and Cleveland are in danger of sliding into oblivion as the WFH revolution crushes downtowns.
Wall Street is getting back into the home-buying game. Big landlords have had a slow year. But recent transactions — including $1 billion in deals in the works — show that they may be ready to start buying again.
A reporter who took a dive in the Titanic submersible said it got lost for up to five hours. David Pogue, who featured OceanGate Expeditions' submersible in a CBS TV segment, said he was in the control room of its mother ship in 2022 when the vessel got lost for several hours: "It was quiet and very tense, and they shut off the ship's internet to prevent us from tweeting."
Ford CEO says Tesla's Cybertruck is only for “Silicon Valley people.” Jim Farley said Tesla's pickup truck wasn't for "real people who do real work" — and that it wouldn't compete with the F-150 Lightning. More of his comments here.
Scientists think they found a cure for baldness. Researchers have discovered a protein that helps long, strong hairs grow out of moles on our skin. They said the protein could be harnessed to create new treatments for baldness, by microneedling in the scalp — a Botox-like approach.
Insider's most innovative CMOs of 2023. Our annual list presents 25 top marketers who are confronting big challenges, like dealing with a volatile economy, reaching Gen Z customers, and testing generative AI. With CMOs from Chipotle, GEICO, Crocs, and more, see our full list.
An Iraqi historian was slain after Facebook posts labeled him a spy. Emails shared with Insider show Meta was delayed in removing content even after its local experts flagged it. A new report by one of Meta’s largest global partners shows life-endangering oversights at scale in the company’s content-moderation strategy.

TAKE A LOOK

Risky trips

Furtenbach Adventures.

Passengers reportedly paid $250,000 each to travel on a submersible headed to the Titanic wreckage, which has been missing since Sunday. Here's a look at other high-risk adventure trips that are popular among the wealthy.

WATCH THIS

Titanic sub

Marine experts warned that OceanGate’s Titan submersible wasn’t safe years before it went missing in the Atlantic while carrying five passengers. The criticism goes as far back as 2018. Watch here.

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This edition was curated by Matt Turner, and edited by Hallam Bullock, Lisa Ryan, Nathan Rennolds, and J.R. Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - American dream's more likely abroad

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