Livemint Illustration: Jayachandran/Mint It is no coincidence that in F. Scott Fitzgerald’s magnum opus on the American dream, The Great Gatsby , just about every major character is a migrant in 1920s New York—the narrator Nick Carraway is from Minnesota, his neighbour Jay Gatsby from North Dakota, Gatsby’s former girlfriend Daisy Buchanan is from Kentucky and her husband Tom from Chicago. Migration has been the cornerstone of the American way of life; people’s ability to pack up and move brought dynamism to the US economy, ensuring that the right people could be matched with the right jobs at the […]
View Original: Managing migration for equitable development
Tax preferences are an important policy tool, totaling $1.2 trillion each year. Through the tax system, the federal government promotes homeownership, college attendance, retirement savings, and health insurance. However, these tax preferences are “upside down,” directing most of the relief to high-income households and those whose income comes from wealth rather than earnings. Even those who receive these subsidies often don’t see themselves as benefitting from government help.
Since 1970, tax policy has become less progressive, contributing to sharp increases in income inequality , which is at its highest level since the Great Depression. This has been linked to increased […]
View Original: The Important Role of Tax Policy in Promoting Economic Mobility
A new national study on how colleges shape students’ prospects of upward economic mobility indicates that graduates of East Central Community College in Decatur are getting a high return on their tuition investment over their lifetimes.
The study, “Mobility Report Cards: The Role of Colleges in Intergenerational Mobility,” was conducted by the Equality of Opportunity Project and analyzed the role of colleges in upward income mobility by developing mobility report cards for each two-year and four-year college in the United States The mobility report cards estimate students’ earnings in their early 30s and their parents’ income. The study used publicly […]
View Original: National Study Shows ECCC Graduates Rank High in Economic Mobility
The facts are clear: a college education strongly affects whether Americans can make the climb up the income ladder. Data covering the last four decades show that adults who have degrees from two-year or four-year colleges have far higher family incomes than do adults who have only a high school degree or are high school dropouts. Further, income has grown steadily over time for those with college degrees while remaining stagnant or declining for those with a high school education or less. Previous Economic Mobility Project findings showed that adult children from poor and low-income families who […]
View Original: Promoting Economic Mobility by Increasing Postsecondary Education
Too much urban growth is fueled by retirees, not scrappy citizens seeking a better future.
(Photo: Jessica Brandi Lifland, for USA TODAY) Americans instinctively know that sometimes, in order to move up, you have to move out. And moving from one place to another has long been a key element of upward mobility in the nation. Until now.
Today, few cities in the country combine economic dynamism with affordability. New trends, meanwhile, demonstrate that while some people are still moving, their reasons aren’t what they used to be.Throughout history, brave citizens have left the familiar behind for a new home […]
View Original: Young Americans aren’t moving like they used to: Column
It is a common promise made to the next generation. “If you work hard, and do the right thing, you will be able to get on in life.” I believe that it is a promise that we have no capacity to fulfil. And that’s because its underlying assumptions must be revisited.
Imagine a life living in quads. You attend a highly prestigious school in which you dash from one quad to the next for your classes. You then continue on to yet another prestigious institution for your tertiary education, say Oxford or Cambridge University, and yet more quads with manicured […]
View Original: Telling children ‘hard work gets you to the top’ is simply a lie
2013 graduates of Bowie State University. (Chip Somodevilla/Getty Images) Ray Boshara is the director of the St. Louis Fed’s Center for Household Financial Stability and a senior fellow in the Aspen Institute’s Financial Security Program. The views here are his own.
Acclaimed TV shows such as “ Atlanta ,” “ Black-ish ” and “ Insecure ” reveal a troubling paradox: Why do many well-educated black Americans feel so economically insecure? Here’s a surprising clue: Blacks with college degrees have lost wealth over the past generation.
Lots of wealth, in fact — and in sharp contrast to whites. Research from the […]
View Original: Black college graduates are losing wealth. Here’s what can help.
Atlanta (Source: Wikimedia Commons) The South is booming from an economic standpoint. For proof of this, one need only look at cities such as Atlanta , Austin, Charlotte, Dallas, Orlando and Raleigh to understand there is a new South. Of the 20 cities listed on Forbes’ “fastest-growing cities in 2016” list, eight are in the South. Despite this reality, poor people in the South are not sharing in this growth. It is in Dixie — the former Confederacy, the Jim Crow states — where children have the toughest chance of getting ahead. This is where people have the lowest […]
View Original: The South Has the Fastest-Growing Economies and the Least Economic Mobility for the Poor
closemore Our public universities and colleges are better at getting low-income students up the economic ladder than experts realized, writes Rich Barlow. But President Trump has no plan to support them. (Faustin Tuyambaze/Unsplash) Like what you read here? Sign up for our twice-weekly newsletter .
I agree with Ronald Reagan that the best social program is a job for those who can work. If that’s true, the second best social program is a college education that prepares people for those jobs. It’s really good news, then, that our public universities and colleges are better at getting low-income students up […]
View Original: For Low-Income Students, Public Colleges Are The Ivy League For Economic Mobility
If Republicans want to improve working-class social mobility, they should pursue policies that put the family first.
Editor’s Note: This piece was written in partnership with the Annie E. Casey Foundation as part of their “Opportunity 2017: An Agenda to Increase Prosperity.”
One of the most troubling trends of our time is the decline in economic opportunity. From the early 20th century until the 1980s, children consistently out-earned their parents. Then the tide stopped rising and children’s odds of out-earning their parents became entirely random, as Stanford economist Raj Chetty has shown.This sorry state of affairs persists today. […]
View Original: The American Dream Hinges on Family