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It's always been this way. The "rags-to-riches" stories are fabrications to keep the average worker thinking they have a chance. You have a better chance of win

It's always been this way. The "rags-to-riches" stories are fabrications to keep the average worker thinking they have a chance. You have a better chance of winning the lottery, which coincidentally, is another psyop to keep people believing that they have a chance.

like_any_other 2y ago
> You have a better chance of winning the lottery You are off by several orders of magnitude - a person starting in wealth quintile 1 (numbered poorest to richest) has an ~18% chance to reach quintile 4 or 5, and starting from quintile 2, that rises to 25%. Source: Figure 1, https://www.brookings.edu/articles/stuck-on-the-ladder-wealth-mobility-is-low-and-decreases-with-age/ https://www.brookings.edu/articles/stuck-on-the-ladder-wealt...
- phendrenad2 2y ago
  Well I think that the PSID, which supplies the data for that paper/article, is fundamentally flawed and the potential error margin is too huge for it to be taken seriously.
  - like_any_other 2y ago
    This PSID? https://psidonline.isr.umich.edu/ https://psidonline.isr.umich.edu/ The Panel Study of Income Dynamics (PSID) is the longest running longitudinal household survey in the world The study began in 1968 with a nationally representative sample of over 18,000 individuals living in 5,000 families in the United States. Information on these individuals and their descendants has been collected continuously, including data covering employment, income, wealth, expenditures, health, marriage, childbearing, child development, philanthropy, education, and numerous other topics. Over 7,600 peer-reviewed publications have been based on the PSID. How flawed do you think it is and why? What is the potential error margin? 20%? 200%? 1000%? And if this data is flawed, which alternative, better data did you base your statement on? The one about wealth mobility being largely a myth.
    - phendrenad2 2y ago
      Have you heard the story about the inebriated man looking for his wallet under a streetlight? I don't think using a metric I believe to be flawed, simply because I can't find a better metric, is a good idea. I'd rather accept that it's still a realm of speculation and opinion.

like_any_other 2y ago

> You have a better chance of winning the lottery You are off by several orders of magnitude - a person starting in wealth quintile 1 (numbered poorest to richest) has an ~18% chance to reach quintile 4 or 5, and starting from quintile 2, that rises to 25%. Source: Figure 1, https://www.brookings.edu/articles/stuck-on-the-ladder-wealth-mobility-is-low-and-decreases-with-age/ https://www.brookings.edu/articles/stuck-on-the-ladder-wealt...

phendrenad2 2y ago
Well I think that the PSID, which supplies the data for that paper/article, is fundamentally flawed and the potential error margin is too huge for it to be taken seriously.
- like_any_other 2y ago
  This PSID? https://psidonline.isr.umich.edu/ https://psidonline.isr.umich.edu/ The Panel Study of Income Dynamics (PSID) is the longest running longitudinal household survey in the world The study began in 1968 with a nationally representative sample of over 18,000 individuals living in 5,000 families in the United States. Information on these individuals and their descendants has been collected continuously, including data covering employment, income, wealth, expenditures, health, marriage, childbearing, child development, philanthropy, education, and numerous other topics. Over 7,600 peer-reviewed publications have been based on the PSID. How flawed do you think it is and why? What is the potential error margin? 20%? 200%? 1000%? And if this data is flawed, which alternative, better data did you base your statement on? The one about wealth mobility being largely a myth.
  - phendrenad2 2y ago
    Have you heard the story about the inebriated man looking for his wallet under a streetlight? I don't think using a metric I believe to be flawed, simply because I can't find a better metric, is a good idea. I'd rather accept that it's still a realm of speculation and opinion.