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deadparrot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-26-06 05:29 PM
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America's rags-to-riches dream an illusion: study
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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.

http://news.yahoo.com/news?tmpl=story&cid=2628&ncid=262...
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  -America's rags-to-riches dream an illusion: study deadparrot  Apr-26-06 05:29 PM   #0 
  - Republicans really buy into "if you work hard, you'll make it" stuff.  MookieWilson   Apr-26-06 05:31 PM   #1 
  - Having a wealthy family or having wealthy friends -  haele   Apr-26-06 05:44 PM   #9 
  - So very true  dmr   Apr-26-06 09:08 PM   #32 
  - My friend the tax attorney always says. "there but for the grace  barb162   Apr-26-06 09:52 PM   #36 
  - 'Aint THAT the Truth! n/t  Megahurtz   Apr-27-06 12:26 PM   #61 
  - Current White House occupant is a prime example. Dude has not  Mayberry Machiavelli   Apr-28-06 10:22 AM   #75 
  - and they believed "Bonanza" was real  BareNakedLiberal   Apr-26-06 05:47 PM   #14 
  - if you work hard, you'll make it  saigon68   Apr-27-06 11:51 AM   #56 
  - REPUBLICANS? Try "Americans".  Zhade   Apr-28-06 12:41 AM   #66 
  - Amen.  redqueen   Apr-28-06 03:31 PM   #79 
     - I would, but I JUST brushed my teeth.  Zhade   Apr-28-06 05:37 PM   #83 
        - hahahah  redqueen   Apr-28-06 05:53 PM   #84 
  - It also has come true for some, like my grandpa  noonwitch   Apr-28-06 10:27 AM   #76 
     - "so many" = 1%  redqueen   Apr-28-06 03:31 PM   #80 
        - But that's reaching the top 1 %  Yupster   May-03-06 01:48 PM   #88 
  - Yep...  Waya   Apr-26-06 05:31 PM   #2 
  - And once we get rid of the "Death Tax", further gut student loans,  TexasLawyer   Apr-26-06 05:33 PM   #3 
  - Malcolm Forbes was once asked  Jim Warren   Apr-28-06 10:28 AM   #77 
  - Holy cow! Does that mean that  dotcosm   Apr-26-06 05:33 PM   #4 
  - it means they become middle class  pitohui   Apr-26-06 05:38 PM   #8 
  - not even 99 out of 100 in Gates' case. he'd literally be one in 7billion.  SlavesandBulldozers   Apr-26-06 05:45 PM   #12 
  - Gates' dad the patent attorney helped him out immensely with  barb162   Apr-26-06 09:54 PM   #37 
     - Mr. Gates Senior was also an entrepreneur with his own company  Julius Civitatus   Apr-27-06 09:11 AM   #53 
  - No, it means he'll stay the same  Warpy   Apr-26-06 05:47 PM   #15 
  - actually financial advisors sometimes steal  pitohui   Apr-26-06 08:21 PM   #28 
     - Yeah, one made 1/3 of an uncle's estate disappear, too.  Warpy   Apr-26-06 10:05 PM   #41 
  - No, because the article focuses on extremes, and  igil   Apr-26-06 06:44 PM   #25 
  - The problem with inheritances is  Yupster   May-03-06 01:50 PM   #89 
  - yes it does....and many do squander their money...  bleedingheart   May-03-06 02:06 PM   #92 
  - This is the fantasy the repugs sell, part of the propaganda,  cassiepriam   Apr-26-06 05:34 PM   #5 
  - The American Dream is essentially "no more"  barb162   Apr-26-06 09:58 PM   #38 
     - That's is the stupidity, many voted dreaming they would be rich  cassiepriam   Apr-27-06 05:27 AM   #49 
     - Oh, but don't you know there's always the LOTTERY!  raccoon   Apr-27-06 11:26 AM   #54 
     - yeah, the lottery is a sucker's game  Blue_Tires   Apr-27-06 09:31 PM   #65 
     - When was there ever a real American Dream?  Zhade   Apr-28-06 12:42 AM   #67 
        - Women got the vote nationally in the early 1920s.  amandabeech   Apr-29-06 10:03 AM   #86 
        - I guess everyone has their own definition  Yupster   May-03-06 01:57 PM   #91 
  - wow what was their first clue  pitohui   Apr-26-06 05:35 PM   #6 
  - no shit  leftchick   Apr-26-06 05:38 PM   #7 
  - wealth as a result of hard work is a great bit of americana.  SlavesandBulldozers   Apr-26-06 05:52 PM   #16 
  - You'll never read this in corporate media, but here is absolute proof...  newswolf56   Apr-26-06 05:44 PM   #10 
  - There was a study about a year ago comparing countries  DBoon   Apr-26-06 05:44 PM   #11 
  - As the income disparity gap increases  Fenris   Apr-26-06 06:00 PM   #18 
  - from what I recall...  DBoon   Apr-27-06 08:59 AM   #51 
  - curious what CA stands for  toymachines   Apr-26-06 08:37 PM   #31 
  - Canada (nm)  Book Lover   Apr-26-06 09:51 PM   #34 
  - Canada is my guess n/t  AZDemDist6   Apr-26-06 09:52 PM   #35 
     - yes!  DBoon   Apr-26-06 10:33 PM   #44 
  - I think we're between Brazil and Mexico  MisterP   Apr-27-06 09:16 PM   #64 
  - it is still possible  frankenforpres   Apr-26-06 05:46 PM   #13 
  - Luck.  haele   Apr-26-06 06:25 PM   #23 
     - Good post by haele...  Iowa   Apr-26-06 10:51 PM   #46 
     - Don't I know it  shrike   Apr-27-06 08:53 AM   #50 
     - Great post. As you've pointed out, just being  raccoon   May-03-06 12:33 PM   #87 
  - What we have is the haves and the have nots  lovuian   Apr-26-06 05:56 PM   #17 
  - well, duh  orangepeel68   Apr-26-06 06:03 PM   #19 
  - It used to be more than other countries  AllieB   Apr-28-06 09:13 AM   #71 
  - Hence the lotteries,  Snow   Apr-26-06 06:06 PM   #20 
  - That's about right.  Jamison   Apr-26-06 08:35 PM   #30 
     - perhaps reading financial books will show you that  superconnected   Apr-28-06 10:11 AM   #73 
  - "But all those Yew-ropeen countries are fuckin' COMMIES!"  baldguy   Apr-26-06 06:16 PM   #21 
  - It is not an illusion..many succeed...  Finder   Apr-26-06 06:19 PM   #22 
  - I am glad you do.  Tandalayo_Scheisskopf   Apr-26-06 06:41 PM   #24 
  - Agree, I would be more interested to know  antfarm   Apr-27-06 02:33 PM   #62 
  - That's a good point.  Zhade   Apr-28-06 12:43 AM   #68 
  - Believe it or not......  llmart   Apr-26-06 07:20 PM   #26 
  - priced health care lately?  pitohui   Apr-26-06 08:14 PM   #27 
  - Nowadays, there's fewer and fewer Americans who have enough  raccoon   Apr-27-06 11:58 AM   #59 
  - USA's number one indicator of future wealth and success is Dad's job.  ReadTomPaine   Apr-26-06 08:27 PM   #29 
  - I think this is a perfectl;y good indicator because if dad's money  barb162   Apr-26-06 10:02 PM   #40 
  - They have it made even if they do screw-up.  ReadTomPaine   Apr-26-06 10:16 PM   #42 
     - You know, I was thinking of HIM the entire time I wrote that post!  barb162   Apr-26-06 10:42 PM   #45 
        - If he'd come from that sort of background, he'd be lucky not to be  raccoon   Apr-27-06 11:58 AM   #60 
  - DADs job?  H3Dakota   Apr-28-06 10:16 AM   #74 
  - Yes, the father's job is the primary indicator.  ReadTomPaine   Apr-28-06 11:32 AM   #78 
  - Having a dad at all  Yupster   May-03-06 01:54 PM   #90 
  - Well, DUH.  leesa   Apr-26-06 09:46 PM   #33 
  - NOW THEY TELL ME  Blue_Tires   Apr-26-06 10:01 PM   #39 
  - Of course, 20 out of 20 Freepers with money claim they came from  bullwinkle428   Apr-26-06 10:32 PM   #43 
  - And every person in the US needs to subtract from their income  Bitter Cup   Apr-27-06 11:53 AM   #57 
  - It's about the opportunity  komuckway   Apr-26-06 11:50 PM   #47 
  - welcome to the site!  Blue_Tires   Apr-27-06 09:00 PM   #63 
  - Agree...  Finder   Apr-28-06 08:56 AM   #70 
  - It's also about the luck  shrike   Apr-28-06 06:53 PM   #85 
  - OH! Now they tell me!  Up2Late   Apr-26-06 11:58 PM   #48 
  - Welcome to Bushs America: good for the already rich and privileged...  Julius Civitatus   Apr-27-06 09:02 AM   #52 
  - time for new work philosophy  kineneb   Apr-27-06 11:35 AM   #55 
  - Amen, brother  Julius Civitatus   Apr-27-06 11:57 AM   #58 
  - Figures.  Neoma   Apr-28-06 12:53 AM   #69 
  - Deleted message  Name removed   Apr-28-06 09:55 AM   #72 
  - NSS  Solly Mack   Apr-28-06 04:12 PM   #81 
  - I've always said that the true American Dream is to be in "DEBT"!  Tight_rope   Apr-28-06 04:59 PM   #82 
  - Note how the AP article goes out of its way  depakid   May-03-06 02:07 PM   #93 
  - And Horatio Algier  RedStateShame   May-03-06 02:27 PM   #94 
  - Another piece of Repug propaganda found to be false.  cassiepriam   May-03-06 02:45 PM   #95 
 

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