Yes. And tragic to think of how the U.S. is throwing away one of its most prized characteristics. And, of course, this will change the nature of politics and class in the U.S. for a long time.
Two articles on this were published in 2002 by the Journal of Eco Perspectives (back when...). One was by Salon (cited by the WSJ) but the other was by our old friends Bowles and Gintis. Their conclusions pushed no further than the article but does have these calculations from the same sources:
Probability of offspring from lowest income decile family winds up in lowest decile is 31%; 50% probability in lowest quintile. (and only a 3% chance of winding up in the top 20%)
Probability offspring from highest income decile family winds up in highest decile is 23%; 41% probability in highest quintile. (and only a 6% chance of winding up in the bottom 20%).
They also have a killer graph showing clear two-tier class structure of the US. [for copies of graph or of article, contact me OFF LIST]
Michael P. wrote:
This is one of the best economics articles that the journal has published. It appears on p. 1 probably to distance it from the editorial page.
Escalator Ride As Rich-Poor Gap Widens in the U.S., Class Mobility Stalls
Those in Bottom Rung Enjoy Better Odds in Europe; How Parents Confer an Edge Immigrants See Fast Advance
