The idea that you wanted to do better than your parents was a strong one in my family and community. Two major studies on economic mobility were recently released, with the following findings:
- Children growing up in America today have the same chance of moving up (or down) the income distribution ladder as children born in the 1970s. No more, no less. However, the overall numbers remain lower than other developed countries.
- Upward income mobility varies substantially based on geography. They describe the U.S. as a collection of “lands of opportunity” that have high rates of mobility across generations, whereas in other places few children escape poverty.
If you want to see how the place where you grew up fared (based on where you lived at age 16), check out this interactive map from WaPo which tracks the upward income mobility of children of parents with income at the nation’s 25th percentile, or about $30,000 per year. Dark blue means no change from parents, light blue means they moved up to the national average, and darker yellow means they moved higher than average.