Upward mobility has declined too. A person born in a middle-class family in the 1940s was 93% likely to outearn their parents by the age of 30. For those born i

Upward mobility has declined too. A person born in a middle-class family in the 1940s was 93% likely to outearn their parents by the age of 30. For those born in the 1990s, that rate is just 45%. that's the problem with income/wealth power law dynamics. the flatter the curve the less it looks like a lottery, the more people might be incentivized to work harder.