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A new study from the Economic Mobility Project at the Pew Charitable Trusts found that the majority of American adults make more money than their parents did, but are struggling to move upward, the Chicago Tribune reports. The study found that this is especially true for those without a college degree and for African-Americans. Researchers determined that 84 percent of Americans earn more than their parents, but only about a third have moved up in income class over the past four decades. The survey concluded that the chances of moving from the bottom of the income spectrum to the top is only 4 percent, a figure that suggests the American Dream is “more often found in Hollywood than in reality.”
Americans earn more than parents but don’t advance economically, study finds
According to the Economic Mobility Project at the Pew Charitable Trusts, 84 percent of Americans earn more than their parents, but only a third moved up in income class in four decades.
July 13, 2012