Tag Archives: wealth

Op-ed: A call for representatives who understand that opportunity is the bedrock of a free society

Ravell Call, Deseret News Economic opportunity and upward mobility are the bedrock of a free society. As a legislator, as a mother and as a member of my community I know that protecting individual opportunity is essential to securing lasting freedom.

Our great nation, founded upon the premise that our rights are given to us not by government but by God, emerges as its own distinctive pattern in the tapestry of history.

We Americans do not consider freedom scarce. We feel it everywhere. We live it. We experience the blessings and opportunities of freedom so abundantly that we are like the […]

The gap between the top 5% and everyone else has dramatically grown over the last 50 years

mauldin 1

If the average person in the US feels as though they are going nowhere fast , there is a real reason for it.

Federal Reserve data shows people are earning less than they did 17 years ago. But the real story is even worse than that.

The chart below shows that median income in the US is actually down over the last 17 years and is only 3% higher now than it was 30 years ago. Those are inflation-adjusted numbers.But the reality is that, for the average person, inflation has been much higher than the average of 2% per year over […]

It wasn’t the economy, but racism and xenophobia, that explains Trump’s rise.

Ron Sachs/Pool via Getty Images The evidence just keeps growing: It wasn’t simply the economy that led to Donald Trump’s rise. Instead, another survey has confirmed that racism and xenophobia were much bigger factors.

The new survey , by the Public Religion Research Institute (PRRI) for the Atlantic , focused on white working-class voters (those without a college education or salaried jobs), who were part of the key demographic behind Trump’s rise. It looked at how much of their support for Trump correlated with, among other factors, “fears about cultural displacement” — a polite way of describing fears of […]

The author of Rise of the Creative Class is grappling with its dark side

ehpien Georgetown is one of Washington DC’s most expensive neighborhoods. No one has done more to promote the return of educated professionals to cities than Richard Florida. In his 2002 classic The Rise of the Creative Class , Florida argued that “creative class” professionals like engineers, artists, architects, and college professors held the key to revitalizing America’s cities. He encouraged cities to cater to the tastes of these creative professionals by developing walkable urban neighborhoods well-served by transit and with ample amenities.

Florida’s predictions have come true even more quickly than he expected. “I would have never predicted that this […]

How Homeownership Became the Engine of American Inequality

The son of a minister, Ohene Asare grew up poor. His family immigrated from Ghana when he was 8 and settled down in West Bridgewater, Mass., a town 30 miles south of Boston, where he was one of the few black students at the local public school. “It was us and this Jewish family,” Asare remembered. “It was a field day.” His white classmates bullied him, sometimes using racial slurs. His father transferred Asare when he was 14 to Milton Academy, which awarded Asare a scholarship that covered tuition and board. His parents still had to take out loans […]

BY JULIA B. ISAACS, The Brookings Institution



reedom from the constraints of aristocratic society lured many of our ancestors tocross the ocean to the New World. European visitors such as Alexis de Tocqueville marveled at the economic dynamism and social mobility of American society in the first half of the nineteenth century.1 More recently, immigrants continue to cross our boundaries in search of the promise of the American Dream. Given this history, many Americans believe that the opportunities for moving up the economic ladder are greater in the United States than they arein other countries. But is this widely held assumption of greater […]

Americans Can No Longer Expect Their Children To Do Better

vintage suburban family

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 […]

Economic mobility nearly halved in the United States since the 1940s

Until not too long ago, the ‘American Dream’ promised a good life for anyone ready to work hard for it. That may have been completely true for Baby Boomers but according to the most recent statistics compiled by economists from Stanford and Harvard, the American Dream is no longer relevant for Generation Y or Z, and definitely not relevant for Millenials either. If children born in 1940 had a 90% chance of earning more than their parents, this dropped fast to only 50% in the 1980s, the team reported in the journal Science. “From the Old to the New […]

Economic mobility

Economic mobility is the ability of an individual, family or some other group to improve (or lower) their economic status—usually measured in income . Economic mobility is often measured by movement between income quintiles . Economic mobility may be considered a type of social mobility , which is often measured in change in income. Types of mobility[ edit ]

There are many different ideas in the literature as to what constitutes a good mathematical measure of mobility, each with their own advantages and drawbacks. [1] [2]

Mobility may be between generations ("inter-generational") or within a person or groups lifetime […]

Egalitarianism under Pressure: Toward Lower Economic Mobility in the Knowledge Economy?

Discussion PaPer series

IZA DP No. 10664

Simen Markussen Knut RøedAny opinions expressed in this paper are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but IZA takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The IZA Institute of Labor Economics is an independent economic research institute that conducts research in labor economics and offers evidence-based policy advice on labor market issues. Supported by the Deutsche Post Foundation, IZA runs the world’s largest network of economists, whose research aims […]