Used to be America was the place where parents wanted the best for their children, and usually saw them get it.
No matter how well you did, they did better.
It’s called upward mobility.
Lately, there’s been lots of talk that this trend is coming to an end, owing to the recession and other factors.
Turns out that a good number of Americans were downwardly mobile long before the latest downturn. You can go back to the ’60s in fact.
According to a new study from Pew, which did something called the Economic Mobility Project,” almost one in three people who were born and raised middle class in the U.S. in the early to mid-1960s fell in economic status when researchers checked back in on them four decades later.
It’s important to note that they fell before the recession kicked in.
Essentially, those people grew up in families earning what was considered middle class for the time, about $33,000 to $64,000 in 1979.
Now, they’d have to earn an inflation-adjusted $54,000 to $111,000 to stay middle class.
A lot have not.
The middle class is defined as those between the 30th and 70th income percentile, notes CNN Money in its report.