Newshour: While inequality rose, study finds economic mobility hasn't changed in 40 years
JEFFREY BROWN: Is it still possible to climb to the top in America? In a paper released this week, a group of economists found the prospects for upward mobility, the theme of the American dream, haven't changed in the last several decades.
The ability to move up the income ladder hasn't worsened, but it also hasn't improved.
Watch report @ http://www.pbs.org/newshour/bb/business/jan-june14/mobility_01-24.html
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standards.
Several large studies of mobility in developed countries in recent years have found that One study (“Do Poor Children Become Poor Adults?"
found that of nine developed countries, the United States and United Kingdom had the lowest intergenerational vertical social mobility with about half of the advantages of having a parent with a high income passed on to the next generation. The four countries with the lowest "intergenerational income elasticity", i.e. the highest social mobility, were Denmark, Norway, Finland, and Canada with less than 20% of advantages of having a high income parent passed on to their children.
http://en.wikipedia.org/wiki/Socio-economic_mobility_in_the_United_States#Comparisons_with_other_countries
Nice to see Canada in there with several European countries in terms of the highest social mobility. The US and UK bring up the rear among developed countries.
