Channel: BEME News

Category: News & Politics

Tags: incomemobilitywealthysocioeconomicdeadmillennials1 percentelitemyth1%poorpovertyequalitynewssocialbemenewsrichtaxamerican dreamone percentwarreninequalitybaby boomersurbanbemeunemployment

Description: Economic mobility – the heart of the American dream - is on the decline in the United States. That means if you’re born rich, you’ll likely stay there. But if you’re born poor, the odds are you’ll struggle to climb the socioeconomic ladder. Lou explains how inequality fosters this self-perpetuating system and what the US could do to level the playing field. SOURCES & FURTHER READING The Pew Charitable Trusts on Economic Mobility in the United States pewtrusts.org/~/media/assets/2015/07/fsm-irs-report_artfinal.pdf Miles Corak on Income Inequality, Equality of Opportunity, and Intergenerational Mobility pubs.aeaweb.org/doi/pdfplus/10.1257/jep.27.3.79 Raj Chetty on Improving Opportunities for Economic Mobility: New Evidence and Policy Lessons stlouisfed.org/publications/bridges/fall-2016/improving-opportunities-for-economic-mobility Edward Wolff - Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered? nber.org/papers/w24085 CREDITS Writer: Louis Foglia Editor: Page Ellerson Researcher: Dushyant Naresh Supervising Producer: Allison Brown Follow Beme on Instagram: instagram.com/bemenews Twitter: twitter.com/bemenews Facebook: facebook.com/officialbeme