Author Topic: America's rags-to-riches dream an illusion: study  (Read 388 times)

Mo Z. Dizzle

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America's rags-to-riches dream an illusion: study
« on: April 26, 2006, 03:30:25 PM »
WASHINGTON (Reuters) - America may still think of itself as the land of opportunity, but the chances of living a rags-to-riches life are a lot lower than elsewhere in the world, according to a new study published on Wednesday.

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.

By contrast, a child born rich had a 22 percent chance of being rich as an adult, he said.

"In other words, the chances of getting rich are about 20 times higher if you are born rich than if you are born in a low-income family," he told an audience at the Center for American Progress, a liberal think-tank sponsoring the work.

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.

"In the United States this would be 22 percent; in Denmark it would be two percent," he said.

The research was based on a panel of over 4,000 children, whose parents' income were observed in 1968, and whose income as adults was reviewed again in 1995, 1996, 1997 and 1999.

The survey did not include immigrants, who were not captured in the original data pool. Millions of immigrants work in the U.S, many illegally, earnings much higher salaries than they could get back home.

Several other experts invited to review his work endorsed the general findings, although they were reticent about accompanying policy recommendations.

"This debunks the myth of America as the land of opportunity, but it doesn't tell us what to do to fix it," said Bhashkar Mazumder, a senior economist at the
Federal Reserve Bank of Cleveland who has researched this field.

Recent studies have highlighted growing income inequality in the United States, but Americans remain highly optimistic about the odds for economic improvement in their own lifetime.

A survey for the New York Times last year found that 80 percent of those polled believed that it was possible to start out poor, work hard and become rich, compared with less than 60 percent back in 1983.

This contradiction, implying that while people think they are going to make it, the reality is very different, has been seized by critics of
President Bush to pound the White House over tax cuts they say favor the rich.

Hertz examined channels transmitting income across generations and identified education as the single largest factor, explaining 30 percent of the income-correlation, in an argument to boost public access to universities.

Breaking the survey down by race spotlighted this as the next most powerful force to explain why the poor stay poor.

On average, 47 percent of poor families remain poor. But within this, 32 percent of whites stay poor while the figure for blacks is 63 percent.

It works the other way as well, with only 3 percent of blacks making it from the bottom quarter of the income ladder to the top quarter, versus 14 percent of whites.

"Part of the reason mobility is so low in America is that race still makes a difference in economic life," he said.

http://news.yahoo.com/news?tmpl=story&cid=2628&ncid=2628&e=13&u=/nm/20060426/us_nm/economy_mobility_dc
      
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Re: America's rags-to-riches dream an illusion: study
« Reply #1 on: April 26, 2006, 09:32:16 PM »
interesting article, props
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coola

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Re: America's rags-to-riches dream an illusion: study
« Reply #2 on: April 27, 2006, 10:26:19 AM »
fuck statistics, anyone can make it.
 

7even

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Re: America's rags-to-riches dream an illusion: study
« Reply #3 on: April 27, 2006, 11:46:26 AM »
It's hard to get rich when the rich people blackball intelligent, capable ppl from the industry. You can see that in the rap biz and in ain't different in other professions. Maybe it's my pessimistic attitude, but I don't see how someone from a poor family with no connections could ever get really rich, except for winning the lottery or marrying someone rich etc. It starts with not being able to pay for college.
Cause I don't care where I belong no more
What we share or not I will ignore
And I won't waste my time fitting in
Cause I don't think contrast is a sin
No, it's not a sin
 

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Re: America's rags-to-riches dream an illusion: study
« Reply #4 on: April 27, 2006, 11:59:17 AM »
Ofcourse the chances are higher to get rich when you're from a rich family. Even a 10 year old can figure that out. The problem is the general view and studies of this kind getting spread making the lower class folks getting victimized from the thought of being a victim. Without dreams, you don't have no drive so how the fuck can you be successful? And college doesn't necessarily mean success in America, and even if it did, there's no poor person that can't pay for it, if you apply yourself and go through the system and get all the grants and loans, it's very possible. The problem is the influence that starts in the neighbourhood and studies like these that confirm our assumptions.

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7even

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Re: America's rags-to-riches dream an illusion: study
« Reply #5 on: April 27, 2006, 12:49:59 PM »
where I come from having a dream doesn't make you smart
knowing it won't come true... that does
Cause I don't care where I belong no more
What we share or not I will ignore
And I won't waste my time fitting in
Cause I don't think contrast is a sin
No, it's not a sin
 

WestCoasta

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Re: America's rags-to-riches dream an illusion: study
« Reply #6 on: April 27, 2006, 12:53:55 PM »
I'm gonna hunt you down in 10 years
 

J @ M @ L

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Re: America's rags-to-riches dream an illusion: study
« Reply #7 on: April 27, 2006, 01:06:07 PM »
It starts with not being able to pay for college.

No it doesn't
my throat hurts, its hard to swallow, and my body feels like i got a serious ass beating.

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J Bananas

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Re: America's rags-to-riches dream an illusion: study
« Reply #8 on: April 27, 2006, 04:15:28 PM »
thats why im going from riches to more riches you poor bitches
 

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Re: America's rags-to-riches dream an illusion: study
« Reply #9 on: April 27, 2006, 05:01:26 PM »
America is definitely the land of oppurtunity. My dad came to this country with his parents....neither of them were educated, his mom was actually illiterate. They all worked hard and here me and my sister are two college graduates with really good jobs. God bless America.

The liberals want you to think America is evil, oppressive, discriminatory, etc....don't believe their lies.
 

WestCoasta

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Re: America's rags-to-riches dream an illusion: study
« Reply #10 on: April 27, 2006, 05:05:07 PM »
now I fuck top-notch bitches, tell a story bout rags-to-riches
 

Eihtball

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Re: America's rags-to-riches dream an illusion: study
« Reply #11 on: April 27, 2006, 05:24:37 PM »
America is definitely the land of oppurtunity. My dad came to this country with his parents....neither of them were educated, his mom was actually illiterate. They all worked hard and here me and my sister are two college graduates with really good jobs. God bless America.

Well, then you should thank your parents at every given opportunity.  They deserve as much if not more credit for your success than you do.

I worked hard to get where I am, too.  But that doesn't mean I'm going to declare America is a land of opportunity...America didn't make me any opportunities, I made my own.  Because none would have presented themselves otherwise.

The liberals want you to think America is evil, oppressive, discriminatory, etc....don't believe their lies.

No, we don't think America is evil...just that the naive jingoists like yourself are making things worse for the rest of us by refusing to acknowledge that America is not perfect.  So don't demonize those of us who aren't living in a pipe-dream world and stop lying to yourself.
« Last Edit: April 27, 2006, 05:26:14 PM by RBXtra (Rough Is The Texture) »
 

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coola

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Re: America's rags-to-riches dream an illusion: study
« Reply #13 on: April 27, 2006, 11:56:54 PM »
where I come from having a dream doesn't make you smart
knowing it won't come true... that does

nope, that makes you pessimistic.

 

coola

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Re: America's rags-to-riches dream an illusion: study
« Reply #14 on: April 27, 2006, 11:57:30 PM »
It starts with not being able to pay for college.

No it doesn't

yeah i remember readin somewhere you get free education right ?