As Rich-Poor Gap Widens in the U.S., Class Mobility Stalls
From As Rich-Poor Gap Widens in the U.S., Class Mobility Stalls:
But that argument presupposes that, in a meritocracy, a father's income wouldn't correlate with his son's, which is ludicrous, because a father and his son aren't two random strangers with nothing in common; they're father and son. Children inherit much more than money from their parents.
A substantial body of research finds that at least 45% of parents' advantage in income is passed along to their children, and perhaps as much as 60%.The article contends that we don't live in the meritocracy of our cherished American myth, because "Americans are no more or less likely to rise above, or fall below, their parents' economic class than they were 35 years ago."
But that argument presupposes that, in a meritocracy, a father's income wouldn't correlate with his son's, which is ludicrous, because a father and his son aren't two random strangers with nothing in common; they're father and son. Children inherit much more than money from their parents.
