David Leonhardt points to the latest analysis from Raj Chetty and Co about intergenerational mobility, the archetype of the "American Dream". The headline finding is that while in 1940 a child born into the average US household had 92% chance of making more money than his or her parent, the same had fallen to just 50% by 1980.
The first graph shows that the percentage of children earning more than their parents (at the age of 30) has been declining steadily since 1940.
The second graph shows a secular decline, across the entire income percentile.
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