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bioemerl · 2802 days ago · link · · parent · post: The fading American dream: Trends in absolute income mobility since 1940
This is an argument against that. The US is growing, we just aren't getting a chunk of it because it's all collected at the top. However, distributing current GDP growth more equally across income groups as in the 1940 birth cohort would reverse more than 70% of the decline in mobility. These results imply that reviving the “American dream” of high rates of absolute mobility would require economic growth that is shared more broadly across the income distribution.