This chart shows that your parents’ income determines your future

The Everett Collection “Trading Places” excepted, economic mobility is dead in America. Not all Americans are able to pull themselves up by their bootstraps.

Children raised in low-income American families will likely also have very low incomes as adults, while children raised in high-income families can anticipate a much bigger jump in income, according to a report — “ Economic Mobility in the United States ” — released Thursday by researchers at Stanford University. It was funded by The Pew Charitable Trusts, a nonprofit public policy organization based in Washington, D.C., and the Russell Sage Foundation, a nonprofit research center […]