Economic mobility has fallen, study says, By Walter Hamilton, December 1, 2011, Los Angeles Times: “There’s nothing more American than going from rags to riches. Or so the image goes. The reality, according to a recent study, is far less rosy. The ability to go from poor to rich – or at least to climb out of poverty – has become much harder to do in the last three decades, according to an analysis by Wells Fargo Securities. The percentage of low-income people who moved up the economic ladder slowed sharply from 1980 to 2009, compared with the previous dozen years, the study found. The drop in economic mobility, combined with recently declining government aid to the poor, has left many Americans with no way to dig themselves out of poverty…”
Poverty-related issues in the news, from the Institute for Research on Poverty