Sunday, February 5, 2017

The Equality of Opportunity Project calls it The Fading of the American Dream

The High Cost of a Home Is Turning American Millennials Into the New Serfs.  (Daily Beast, 2/3/2017)
Downward mobility, for now at least, is increasingly rife. Stanford economist Raj Chatty finds that someone born in 1940 had a 92 percent chance of earning more than their parents; a boomer born in 1950 had a 79 percent chance of earning more than their parents. Those born in 1980, in contrast, have just a 46 percent chance.

The 1940 and 1950 percentages are correct, but when I graph the data, 1980 = 50%

Other statistics found in the Daily Beast article:

% of 18-34 year olds who live in poverty
  • 1980 - 18%
  • 2016 - 34%
Homeowner rates 
  • 21% drop in the 18-34 age range
  • 15% drop in the 35-49 age range

Source:  Wikipedia

Related article:
Percentage Of Children Earning More Than Their Parents Declining Steeply.  (Wisconsin Public Radio, 1/3/2017)

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