Posts Tagged ‘Fading American Dream’

The fading American dream

February 21, 2020

A team of researchers at Stanford University, led by an economist named Raj Chetty, took advantage of newly accessible data from the Internal Revenue Service and studied the ebb and flow of American wealth and income across the generations.

They concluded that 90 percent of children born in 1940 went on to earn more than their parents, but only 50 percent of children born in the 1980s did so.

That’s not because the U.S. economy stopped growing, although growth did slow, they wrote.   It is because more and more gains were captured by the ultra-rich.

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