The American public likes the Kool Aid and seems to believe the President. A recent Gallup poll indicates that many Americans doubt that individuals are able to move up the income ladder in the United States.
According to Greg Beato in Reason Magazine, economic evidence indicates this isn't the case:
- In January 2014, 5 economists published a paper. The finding? Intergenerational mobility has remained stable. There is also evidence that it has increased slightly.
- A child born into the bottom income quintile in 1971 had an 8.48% chance to reach the top income quintile. A child born at the bottom quintile in 1986 had a 9% chance to reach the top quintile.
- The Pew Charitable Trust's Economic Mobility Project found that income change patterns have remained similar from 1967 through 2004 with most Americans moving upward. 84% of Americans have higher family incomes than their parents had at the same age across all levels of the income ladder.
While mobility does measure the nation's economic wellbeing, it isn't the only way to measure it.
For example, there's cultural and physical mobility which has exponentially increased but is difficult to capture using standard measures. Consider how Americans now can access goods, services, institutions, and transportation in ways they couldn't in the 1960s. Much of this is due to the Internet, of course. In addition, 17.6M people in 1990 departed from U.S. airports. In 2006, the number was 31.4M. Then, too, 56% of American adults have smartphones today.
Yet, the President continues the drumbeat, his minions in the MSM echo it, and the majority of Americans believe it. All of this rhetoric despite the fact the President and his minions in the MSM have read the research indicating the vast number of modern-day mobility breakthroughs available to all.
They're betting on the majority of Americans not being inquisitive enough to think independently and to seek out the facts. Thankfully, the union bosses are beginning to awaken to the fact that they've been masterfully played by the President.
Let the discussion begin...
To read Greg Beato's study, click on the following link:
"The Myth of Economic Immobility."