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The sad fact is that a tiny tiny percentage of those who grow up in poverty are able to push out of it. Actually, 42% of children in the US born in the bottom
by ryanwaggoner 17y ago
The sad fact is that a tiny tiny percentage of those who grow up in poverty are able to push out of it.
Actually, 42% of children in the US born in the bottom quintile are most likely to stay there, and another 42% move up to the second and middle quintile. This means that 16% end up in the 4th and 5th quintile. Hardly a "tiny, tiny percentage".
Source: http://www.economicmobility.org/assets/pdfs/EMP_Across_Generations.pdf http://www.economicmobility.org/assets/pdfs/EMP_Across_Gener...
- jacobolus 17y agoYou’re right: I exaggerated, and should have looked for data. Still though, if 42% of children in the bottom quintile stay there, and only 16% of them end up in the top 40% (6% in the top 20%), that means that starting place has a pretty giant impact on outcomes, wouldn't you say? Only 6% of the bottom 20% make it to the top 20%, so I’d guess a very small percentage become “self-made millionaires”. That report you link is great, thanks.
- michaelkeenan 17y agoThank you for providing data to back up the assertion. I wish that were a social norm on HN.