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In a sign of the fading American Dream, 92 percent of children born in 1940 earned more than their parents, but only half of those born in 1984 can say the same, researchers said Monday. Greater inequality in the distribution of growth is largely to blame, said the findings in the US journal Science. "Children's prospects of earning more than their parents have faded over the past half century in the United States," said the study, led by Raj Chetty of Stanford University. "Absolute income mobility has fallen across the entire income distribution, with the largest declines for families in the middle class."
Since little data exists linking children to their parents in terms of economic performance, researchers combined US census data with tax records, adjusting for inflation and other confounding variables. They found the sharpest declines in income in the industrial Midwest, including states like Indiana and Illinois. "The smallest declines occurred in states such as Massachusetts, New York and Montana," said the study.
(Score: 2) by Fluffeh on Wednesday April 26 2017, @05:17AM (11 children)
... in the midst of doom-and-gloom
That's what I am asking though - is it actually doom and gloom in the US at the moment (moment being the last say 1-2 years or longer) or is there still that pervasive belief that it is the best place in the world? I am just curious.
(Score: 1, Informative) by Anonymous Coward on Wednesday April 26 2017, @05:28AM
I guess it depends on your occupation, if you're blue collar, it's been doom and gloom since the 70s.
(Score: 4, Informative) by Anonymous Coward on Wednesday April 26 2017, @05:32AM
It's been doom and terror for the past 16 years. They hate us for our freedoms to drive an Uber and be poor! Support the troops in our designated overseas warzones.
(Score: 1, Flamebait) by The Mighty Buzzard on Wednesday April 26 2017, @05:58AM (5 children)
It is the best place in the world only if you value standard of living (not relative wealth, actual standard of living) and liberty. If those don't matter to you, you're probably better off elsewhere.
My rights don't end where your fear begins.
(Score: 1, Insightful) by Anonymous Coward on Wednesday April 26 2017, @06:30AM (4 children)
Yes as an American I'm aware of my standard of living. No jobs, no healthcare, crumbling roads, library hours dwindling, museum admission prices skyrocketing, bus drivers too apathetic to stop at bus stops. And wherever I go I see people spitting on the street. I hate America as much as the next American but let me tell you, the one thing I won't do is spit on the street.
(Score: 2) by The Mighty Buzzard on Wednesday April 26 2017, @10:26AM (3 children)
S'funny, the jobs numbers have done nothing but increase since Obama left office and you lot were touting his "recovery" every chance you got. Oh, I get it, reality only exists when it fits your narrative.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Wednesday April 26 2017, @04:07PM
Troll troll troll, no opinions of substance, troll troll troll
ARE WE HAVING FUN YET?
(Score: 1) by fustakrakich on Wednesday April 26 2017, @04:32PM
:-) I think you're looking at last year's numbers. Not that it makes much difference since the jobs being offered are hardly what anybody would call 'upwardly mobile', or even anything close to being stable, just two of the hallmarks of a civilized society.
La politica e i criminali sono la stessa cosa..
(Score: 0) by Anonymous Coward on Wednesday April 26 2017, @07:05PM
The labor non-participation rate (people who want a job and can't find one) remains at 23 percent, same as it's been for years.
Anything else is numbers games.
(Thanks for the "improved" counting method, Slick Willie.)
Meanwhile, Trump has claimed to have saved jobs, but anything that has happened in the job market since January 20, 2017 had been planned for many months before that date.
Trump has made exactly zero difference in unemployment so far.
He has gotten zero legislation passed and even his anti-Proletariat executive orders have been negated by courts.
...which is not to say that the results on the job front would be any different with Hillary.
What's needed in USA is a program to turn workers into worker-owners e.g. Italy's Marcora Law. [google.com]
-- OriginalOwner_ [soylentnews.org]
(Score: 3, Insightful) by AthanasiusKircher on Wednesday April 26 2017, @01:41PM (2 children)
The two are (surprisingly) not mutually exclusive. Americans are continuously concerned about economic issues (well, it comes and goes in waves a few times each generation), but the pervasive belief in American exceptionalism is pretty much unquestioned for many folks. Thus, while expressing belief that politicians, big business, and even the entire government, etc. are failing most people, they will fight anyone who dares to say America is no longer "the greatest country in the world." It's a very odd pairing of beliefs, but the American jingoism isn't about logic.
(Score: 2) by kaszz on Wednesday April 26 2017, @03:27PM (1 child)
The constitutional freedom to speech is quite different from many other countries. Something that various other countries like Canada [wikipedia.org], Germany [wikipedia.org] etc indirectly undermines. In Britain various companies and (rich) people (ab)uses slander laws to silence criticism.
Free enterprise is perhaps also something unique and the right to bear arms. One has however to keep in mind that were important in 1788 may not be so in 2017 ..!
(Score: 0) by Anonymous Coward on Wednesday April 26 2017, @07:27PM
Free enterprise is perhaps also something unique
You're gonna have to explain that one.
Specific examples of places to the contrary of which you are aware would be useful.
-- OriginalOwner_ [soylentnews.org]