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Wednesday, April 26th 2006

Start Poor

An interesting and slightly disheartening study. The American Dream is dead.

The likelihood that a child born into a poor family will make it into the top five percent is just one percent, according to “Understanding Mobility in America”, a study by economist Tom Hertz from American University.

He also found the United States had one of the lowest levels of inter-generational mobility in the wealthy world, on a par with Britain but way behind most of Europe.

“Consider a rich and poor family in the United States and a similar pair of families in Denmark, and ask how much of the difference in the parents’ incomes would be transmitted, on average, to their grandchildren,” Hertz said.

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