Saturday, January 07, 2012

no dreaming in america

Nearly two thirds of Americans stay on bottom pay bracket throughout their whole lives

The idea of the American Dream – to rise from humble origins to become part of the wealthy elite – has become outdated as the rich become richer and the poor more mired in poverty.

65 per cent born in the bottom fifth stay in the bottom two-fifths. 62 per cent of Americans raised in the top fifth of incomes stay in the top two-fifths according to researchers from the Economic Mobility Project of the Pew Charitable Trusts.

In a recent project led by Swedish economist Markus Jantti, it emerged that 42 per cent of American men raised in the bottom fifth of incomes stay there as adults. Just 8 per cent of American men at the bottom rose to the top fifth

A University of Ottawa economist, Professor Miles Corak stated "Family background plays more of a role in the US than in most comparable countries"

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