Analysts at BBH explain that Americans do not like to talk about class as m any like to think that there are no classes in the US and that sufficient hard work and one’s socio-economic status can be raised.
“These days, discussions of the disparity of wealth and income are acceptable ways to talk about class.” “There are various studies that suggest such mobility is becoming more difficult. A college degree no longer guarantees a secure middle-class living and lifestyle. Moreover, household income is a strong indicator of a range of life opportunities. In addition to consumption […]
Work hard and you’ll achieve success and have a higher income than your parents. That’s the American dream. Yet thousands of struggling Americans are realizing that determination isn’t always enough, and it’s difficult to get ahead when you’re always behind. Here are five important things to know about economic mobility challenges holding people back. 1. Income inequality is real
You’re not imagining it. Income inequality is widening. While underlying causes are hotly debated, the reality is that income has shifted upward . At the same time, people living in low-income communities and middle neighborhoods can have fewer paths to […]
Robert Archibald, chancellor professor of economics at William & Mary, presented at the Conference on Higher Education and Social Mobility, held in the W&M School of Education April 21-22. Photo by Skip Rowland ’83 In the age of smartphones, air travel and ride sharing, Americans are more mobile than ever — except, perhaps, in the one way that matters most.
According to Robert Archibald, William & Mary chancellor professor of economics , and David Feldman, professor of economics at W&M, when it comes to measures of social mobility — a concept referring to the generational movement in social status and […]
American Association for the Advancement of Science An infographic conveying results by Chetty et al ., which reveal that the probability for children to attain a higher income than their parents has dropped dramatically — from more than 90 percent for children born in 1940 to 50 percent for children born in the 1980s. This material relates to a paper that appeared in the 28 April 2017, issue of Science , published by AAAS. The paper, by R. Chetty at Stanford University in Stanford, CA, and colleagues was titled, ‘The fading American dream: Trends in absolute income mobility since […]
The authors of the new study found a sharp decline in absolute mobility and that reversing the trend means "more equal economic redistribution." (Photo: Jeremy Brooks/flickr/cc) Whither the American Dream?
It may not be totally dead, but a new study suggests that it is certainly on life support.
Published in the American Association for the Advancement of Science journal Science , the team of researchers led by Raj Chetty and David Grusky of Stanford University used data from federal income tax returns and U.S. Census and Current Population Surveys to look at trends of this "absolute mobility," or earning more than […]
Credit: Carla Schaffer / AAAS The probability for children to attain a higher income than their parents has dropped dramatically – from more than 90% for children born in 1940 to 50% for children born in the 1980s – according to a new study analyzing U.S. data. Results reveal that restoring economic mobility would require, in part, more equal economic redistribution. The "American Dream" promises that hard work and opportunity will lead to a better life, and that even those born to low-income families can "rise above the ranks" with sufficient effort. Despite much interest in economic mobility, however, […]
Millennials will be the first generation of Americans since the 1940s to have less than a 50 percent chance of out-earning their parents. According to a new study based on decades of U.S. census and tax data, there has been a precipitous decline in generational earning ability since the Boomers were born with a 90 percent shot of climbing the economic ladder. This data, culled and parsed by Harvard and Stanford University researchers, suggests not only that the American reality has left behind the American Dream , but that the idea of generational progress may become damaging.
The story of […]
IMAGE: An infographic conveying results by Chetty et al ., which reveal that the probability for children to attain a higher income than their parents has dropped dramatically — from more than… view more Credit: Carla Schaffer / AAAS The probability for children to attain a higher income than their parents has dropped dramatically – from more than 90% for children born in 1940 to 50% for children born in the 1980s – according to a new study analyzing U.S. data. Results reveal that restoring economic mobility would require, in part, more equal economic redistribution. The "American Dream" promises […]
Right now there is a lot of talk about allowing more geographic mobility to enable more economic mobility–in other words, easing immigration restrictions. There is powerful evidence that enabling more migration ( internal and external ) would be a powerful tool to fight global poverty.
But there is a different kind of geographic and economic mobility that is worth thinking about–the geographic and economic immobility of cash.
A just-for-fun project to track the movement of specific dollar bills as they move from place to place and person to person has yielded very interesting data on this issue in the United States. […]
Flickr/Brent and Amanda I Homeownership is a goal shared among all people, regardless of race or ethnicity, and remains the main driver of wealth creation for the majority of households in the United States. That is why it is vital to understand the underlying characteristics that influence the probability of homeownership. Over the last several months, my research has explored the influence of marital status and family formation , education , income and economic factors on homeownership rates. Today, I examine how ethnicity impacts the probability of homeownership.
Not surprisingly, ethnicity and homeownership rates is a frequent topic of research […]