What is the most striking consequence of deepening income inequality? Could it be the rise of social immobility?
A report recently released by the Russell Sage Foundation — “Opportunity, Mobility, and Increased Inequality” — concludes
that 60 percent of those born into a bottom-quintile family will themselves be in the bottom two quintiles of the income distribution at age forty, and that 56 percent of those born into a top-quintile family will be in the top two quintiles of the distribution at age forty.
If we focus just on the least well off, the United States today is moving toward “increasing inequality of opportunity,” with the gains over the past several decades for those in the bottom of the income distribution modest, at best, or non-existent.
– The New York Times