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Half Of 30-Year-Olds Earn More Than Their Parents Summary

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In “Barely Half of 30-Year-Olds Earn More Than Their Parents” by Bob Davis economists and sociologists from Stanford, Harvard, and the University of California used a widely used definition of the American Dream and found that the dream was fading. The time to achieve the American Dream is never over, but a majority of the older generation believe the American Dream is dead while 48% of millennials believe their chance of achieving the dream is still possible (Bump). The American Dream will never fade because millennials and their aspirations grow stronger as people like economists and sociologists from this article doubt their ability to outearn their parents. “Barely half of 30-year-olds earn more than their parents did at a similar age...enormous decline from the early 1970s when the income of nearly all offspring outpaced their parents.” Children born into the bottom 10% are more likely to outearn their parents because their parents did not earn very much (Tankersley) . 84% of Americans outearned their parents which especially …show more content…

The benefits to middle class and poor include paying the working poor more under the income tax credit and the most importantly improving education. Improving education is the most important because the high school dropout rate has been declining since 1990 meaning more people are graduating and going to college (National Center for Education Statistics) . The people with more education believe in the American Dream and are more likely to outearn their parents (Bump). Improving education and creating opportunities will help the economy because more people are knowledgeable on what could help and hurt the economy. Educated people believing in the American Dream is a great combination for the economy because the person will do whatever it takes to earn more than their parents giving more to the

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