The current concern among many Americans is that it is no longer true that every generation does better than the one before. That no doubt is a valid concern.
However let's exam the context of this proposition a little further.
Using my family as an example, of those first generation Americans, only one of six of my mother, aunt and uncles went to college. I'm sure that many other Americans of my generation have similar experiences.
On the other hand, most of my cousins have gone to college; consequently it wasn't too difficult to financially do better than our parents. That created a lot of social/economic mobility.
Said another way, most of our kids' parents went to college; unlike the prior generation. As such it's not surprising that while our kids too have gone to college, some may not surpass their parents financially.
This generational change among families of relatively recent immigrant status, drive a good deal of this phenomenon, I suspect.
I throw this out there once again in my role as a contrarian observer, even though I too recognize the problems our kids face.
Eric
Tuesday, February 26, 2013
Tuesday, February 19, 2013
Shrinking Middle Class - Part 2
This is a follow up regarding my post on the Shrinking Middle Class- Two Directions.
Here's a relevant quote from a Pew Research Survey:
According to the report, released Wednesday, the middle-income tier of Americans included 51 percent of all adults in 2011, down from 61 percent in 1971. It said middle-income Americans had moved into economic tiers both above and below the middle, "with slightly more moving into the upper tier."
As you may recall, my point was that the public is not aware that part of the shrinkage in the middle class is in two directions; not just down as we are lead to believe by the conventional narrative. More than half went up and are no longer in the middle class.
We still have a problem, but it's one of a growing division of "haves and have nots" , as opposed to the 1%-99% narrative.
Why can't we be told this by the media and our politicians?
Eric
Here's a relevant quote from a Pew Research Survey:
According to the report, released Wednesday, the middle-income tier of Americans included 51 percent of all adults in 2011, down from 61 percent in 1971. It said middle-income Americans had moved into economic tiers both above and below the middle, "with slightly more moving into the upper tier."
As you may recall, my point was that the public is not aware that part of the shrinkage in the middle class is in two directions; not just down as we are lead to believe by the conventional narrative. More than half went up and are no longer in the middle class.
We still have a problem, but it's one of a growing division of "haves and have nots" , as opposed to the 1%-99% narrative.
Why can't we be told this by the media and our politicians?
Eric
Subscribe to:
Posts (Atom)