And the premise may be wrong altogether https://www.aei.org/publication/a-new-fed-report-suggests-american-upward-mobility-is-better-than-you-think/ https://ww

And the premise may be wrong altogether https://www.aei.org/publication/a-new-fed-report-suggests-american-upward-mobility-is-better-than-you-think/ https://www.aei.org/publication/a-new-fed-report-suggests-am... Measuring real growth properly is useful for addressing a host of questions. For example, existing studies use measured inflation to calculate the real income of children relative to their parents. Chetty et al. (2017) find that 50% of children born in 1984 achieved higher incomes than their parents at age 30. Adjusting for missing growth would raise the real income of children about 17% relative to their parents, increasing the fraction of those who do better than their parents by a meaningful amount. Thus, to the extent that inflation is overstated due to imputed values, a larger fraction of children appear to be better off economically than their parents. This improvement in economic welfare can shine a bit more positive light on current conditions, despite the gloom of slower productivity growth.