Income Inequality and the American Dream: Challenges and Perceptions
Explore the concerning trends in family wealth, income mobility, the racial wealth gap, and public opinion regarding the American Dream and the fairness of the U.S. economic system. Discover the disparities and challenges faced by different socioeconomic groups, particularly in achieving upward mobility and accumulating wealth.
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Presentation Transcript
Holdings of Family Wealth Over the past three decades, the richest 10% off families have made significant wealth gains, while the poorest 50% of families has remained stagnant. Source: Congress of the United States Congressional Budget Office. (2016, August). Trends in Family Wealth, 1989-2013. Retrieved from https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51846-familywealth.pdf
The Fading American Dream A defining feature of the American Dream is upward income mobility: the ideal that children have a higher standard of living than their parents. A report released in December 2016 shows that children's prospects of earning more than their parents has fallen from 90% to just over 50% over the past half century. Source: Chetty, R., Grusky, D., Hell, M., Hendren, N., Manduca, R., & Narang, J. (2017). The fading American dream: Trends in absolute income mobility since 1940. Science, 356 (6336), 398-406. http://dx.doi.org/10.3386/w22910
The Racial Wealth Gap Decades of discriminatory government programs, policies, and private sector practices from housing, to New Deal policies, to access to education, have largely excluded Black individuals and other people of color throughout the 20th century, limiting their ability to increase income and accumulate wealth. Follow this link to explore this infographic in depth. Image source: Ross, J. (2020, June 12). The racial wealth gap. Asset types held by race. The Visual Capitalist. Retrieved from https://www.visualcapitalist.com/racial-wealth-gap/
Is the Idea of the American Dream Alive or Dead? The results of a 2015 Harvard IOP poll showed that 49% of American millennials (aged 18-29) think the American dream is still alive, 48% think it is dead. Dead Alive Source: Harvard University Institute of Politics. (2015, December 10). Survey of young Americans attitudes toward politics and public service, 28th edition. Retrieved from http://iop.harvard.edu/sites/default/files_new/pictures/151208_Harvard%20IOP%20Fall%202015%20Report.pdf
Is the U.S. Economic System Fair? Do you think the economic system in the United States is basically fair, since all Americans have an equal opportunity to succeed, or basically unfair, since all Americans do not have an opportunity to succeed? Basically fair Basically unfair No opinion % % % September 25 October 2, 2013 50 44 5 April 23 May 31, 1998 68 29 3 Source: Gallup Dugan, A., & Newport, F. (2013, October 25). In U.S., fewer believe plenty of opportunity to get ahead: Similarly, only half say the U.S. economic system is fair. Gallup. Retrieved from https://news.gallup.com/poll/165584/fewer-believe-plenty-opportunity-ahead.aspx
