The 'American Dream' of upward mobility is broken. Look at the numbers
Mark R Rank and Lawrence M Eppard
The US has far less mobility and equality of opportunity today than almost the entire European Union
Sat 13 Mar 2021 06.17 EST
The US has long prided itself as being an exceptionally fluid society with respect to social class and economic mobility. The American Dream holds that anyone who works hard can achieve economic success – perhaps even rise from rags to riches.
Underlying this belief is the assumption of abundant opportunity and meritocracy. Arriving immigrants often believe they have come to a land of opportunity, with a level playing field allowing for advancement and success. Those who fail to do so tend to blame themselves.
Yet according to recent research, the United States has far less mobility and equality of opportunity today than the European Union or other OECD countries.
First, the amount of economic advantage passed down from one generation to the next is much higher in the US. Approximately 50% of a father’s income position is inherited by his son. In contrast, the amount in Norway or Canada is less than 20%.
What about rising from rags to riches? In the US, 8% of children raised in the bottom 20% of the income distribution are able to climb to the top 20% as adults, while the figure in Denmark is nearly double at 15%.
More:
https://www.theguardian.com/commentisfree/2021/mar/13/american-dream-broken-upward-mobility-us
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