Wednesday, September 02, 2009
Alain Sherter , BNet,
Alain Sherter , BNet,
As Income Mobility Falls, American Dream Fades
The idea that people have an equal opportunity to climb the economic ladder remains central to this country. It doesn’t matter where you start, according to this doctrine, because what matters is where you’re going. Problem is, this trope is simply is not true.
A new study out of the Federal Reserve Bank of Boston suggests the American Dream may require revision. It shows that income mobility for U.S. families has been falling for nearly 40 years. Income inequality accelerated in the 1990s, compared with the ’70s. Notably, the poorest families fare the worst in improving their economic circumstances.
The study's findings suggest that where people start on the economic ladder more or less determines how high they climb, and by and large that’s not very high.
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Posted by Editor on 09/02/09 at 08:44 AM •
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