Here is a Great Graphic from Catherine Rampell at the NY Times Economix blog. She draws on the PEW Economic Mobility Project to look at relative and absolute mobility in the US. The chart to the right looks at relative mobility. It answers the question: Can one rise/fall from the socioeconomic class one is born into ? The chart below looks at absolute mobility. It answers the question: Can one earn more than one's parents in real (that is inflation-adjusted) terms ?
The take away from this data is mixed. On one hand, an overwhelming majority of Americans surpass their parents in terms of real income. Inter-general mobility seems fairly robust. On the other hand, inter-class mobility seems to be poor. People born into the top and bottom quintile's tend to remain there. Moreover, in terms of wealth, about half of Americans are wealthier (adjusted for age) than their parents, which includes house equity.
Great Graphic: Relative and Absolute Mobility in US
Reviewed by Marc Chandler
on
July 12, 2012
Rating:
Reviewed by Marc Chandler
on
July 12, 2012
Rating:
