The probability of American children earning as much as their parents has plunged from 92 percent down to 50 percent during the last seven decades, according to a new study of tax data and the shrinking American Dream of upward mobility.
Compared to people born in 1940, the “babies born in 1980 — today’s 36-year-olds — the index of the American dream has fallen to 50 percent: Only half of them make as much money as their parents did,” says a report in the New York Times.
“In the industrial Midwestern states that effectively elected Donald Trump, the share was once higher than the national average. Now, it is a few percentage points lower. There, going backward is the norm,” the newspaper admitted.