Below, Joe Hill privides some greatlinks with further documenation. Here are a few snippets. If you are interested, please read the articles in the link.
But over the last 10 years, better data and more number-crunching have led economists and sociologists to a new consensus: The escalators of mobility move much more slowly. A substantial body of research finds that at least 45 percent of parents' advantage in income is passed along to their children, and perhaps as much as 60 percent. With the higher estimate, it's not only how much money your parents have that matters--even your great-great grandfather's wealth might give you a noticeable edge today.
Over the years 1950 to 1970, for each additional dollar made by those in the bottom 90 percent of income earners, those in the top 0.01 percent received an additional $162. In contrast, from 1990 to 2002, for every added dollar made by those in the bottom 90 percent, those in the uppermost 0.01 percent (today around 14,000 households) made an additional $18,000.
In 2001 the top 1 percent of wealth holders accounted for 33 percent of all net worth in the United States, twice the total net worth of the bottom 80 percent of the population. Measured in terms of financial wealth (which excludes equity in owner-occupied houses), the top 1 percent in 2001 owned more than four times as much as the bottom 80 percent of the population. Between 1983 and 2001, this same top 1 percent grabbed 28 percent of the rise in national income, 33 percent of the total gain in net worth, and 52 percent of the overall growth in financial worth.
your tuition post is so incredibly important. Graduates have so much debt that advancement to higher income levels is becoming a problem. And with the lack of savings, people are screwed if there is a problem with the economy.
about 150,000/month, which means this recovery is way behind where it should be in terms of net job creation.
A second issue is the drop in the labor participation rate, which is lower now (5 years into the recovery) than it was at the lowest point during the 1990s. This indicates there is still slack in the labor market, limiting the amount of upward pressure on wages.