Did You Know: Social Mobility in the US
1. In 2008, the richest 10% earned nearly half of all income, surpassing even their share in 1928
2. In 2009, 71% of Americans agreed that hard work & personal skill are the main ingredients for success
3. In 2004 men in their 30s earned 12% less in real terms than their fathers did at a similar age
4. "Between 1947 and 1973, the typical American family’s income roughly doubled in real terms. Between 1973 and 2007, however, it grew by only 22%—and this thanks to the rise of two-worker households"
5. "Parental income is a better predictor of a child’s future in America than in much of Europe, implying that social mobility is less powerful."
6. More than 40% of those Americans born in the bottom quintile remain stuck there as adults
7. Those who graduate in recessions have lower incomes in the long term
8. Those born to the middle class have about an equal chance of moving up or down the income ladder, according to the Economic Mobility Project. But those born to black middle-class families are much more likely than their white counterparts to fall in rank
9. "Ms Sawhill and Mr Haskins (Brookings Institution) argue for a drastic shift in federal priorities: rather than pay for the consumption of the old, America should invest in the productivity of the young. Reducing entitlement programmes will be tricky, to say the least. But stagnant rates of mobility risk turning the American dream to delusion."
Watch: An acoustic set by Silversun Pickups at Spin.
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