Washington Post | Coverage of new study by Raj Chetty, David Grusky, Maximilian Hell, Nathaniel Hendren (Assistant Professor of Economics, Harvard), Robert Manduca (Ph.D. student in Sociology & Social Policy, Harvard), and Jimmy Narang.
"Previously, Chetty's team studied a different measure of mobility: the ability of children to move up or down America's income ladder as they grow up, when compared to other Americans. The new research attempts, for the first time, to quantify so-called "absolute mobility," which people often associate with the American Dream: the odds of a child earning more as an adult than his or her parents earned at the same age.
"The researchers say rising concentration of income among the richest Americans explains 70 percent of what has been a steady decline in absolute mobility from the baby boom generation to millennials, while a slowdown in economic growth explains just 30 percent...
"If you don’t have that kind of widespread economic growth across the income distribution, it’s tough to grow up and earn more than your parents,” Hendren said. “This is a distinct reason to focus on inequality."
