One of the most striking social science findings of recent years is that only half of today’s 30-year-olds earn more than their parents. Raj Chetty and his coauthors showed that rates of absolute mobility—that is, the share of children with higher inflation-adjusted incomes than their parents—declined from around 90 percent for children born in 1940 to just 50 percent for those born in 1984. Just in case you’ve been snoozing for the last year and half, here’s the chart:
Chosen excerpts by Job Market Monitor. Read the whole story at Fewer Americans are making more than their parents did—especially if they grew up in the middle class
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