Upward Mobility - A False Promise
Bruce Kaiper, 1974
'The status you're born into — whether rich or poor — is more likely to be the status of your adult life in America vs. any other advanced economy, including 'Old Europe'.
For example, just 8% of students at America’s elite universities come from households in the bottom 50% of income, Stiglitz says, even as those universities are “needs blind” — meaning admission isn’t predicated on your ability to pay.
"There’s not much mobility up and down," he says. "The chances of someone from the top [income bracket] who doesn’t do very well in school are better than someone from the bottom who does well in school."
Because the children of those at the top of society tend to do better than those at the bottom — thanks, in part, to better education, health care and nutrition — the income inequality that’s slowly emerged over the past 30 years will only widen in the next 10 to 20 years.’ (source)