Achieving the ‘American Dream’ of earning more than their parents have fallen from 90% to 50% over the past half century. The gap between the ‘haves’ and ‘have nots’ is growing, according to new research out this week. The gap between the “haves” and “have nots” is widening, according to the latest data out this week.
As if that’s not depressing enough, living the American Dream is also getting harder to do. Millennials, born in the 1980s, only have a 50% likelihood — a coin toss chance — of earning more money than their parents did, according to new research released this month from the Equality of Opportunity Project.
It wasn’t always this way. In the 1940s, almost everyone in America grew up to be better off financially than their parents. While money isn’t the only definition of success, more wealth typically leads to bigger houses, grander vacations, fancier cars and more opportunities to advance.
Read more at U.S. inequality keeps getting uglier – Dec. 22, 2016