Rajat posted a photo in subinterest 'Inequality'


The Fading American Dream "Children's prospects of achieving the "American Dream" of earning more than their parents have fallen from 90% to 50% over the past half century. This decline has occurred throughout the parental income distribution, for children from both low and high income families"
-the largest declines (are) for families in the middle class
-Absolute mobility fell in all 50 states, although the rate of decline varied, with the largest declines concentrated in states in the industrial Midwest, such as Michigan and Illinois.
-Reasons why this may have happened: lower Gross Domestic Product (GDP) growth rates and greater inequality in the distribution of growth.We find that most of the decline in absolute mobility is driven by the more unequal distribution of economic growth rather than the slowdown in aggregate
growth rates.

Source Stanford study by Raj Chetty and others.