Legal Blog
Read & Share: The Decline of Upward Mobility in One Chart
Upward mobility – the ability for each new generation to climb the economic ladder and earn higher incomes than their parents. It’s instilled in us as part of the American Dream. However, each consecutive generation is finding it harder to make this ascent. Using data from Opportunity Insights, this graphic illustrates the decline in upward mobility over five decades.
It shows the probability that a 30-year-old American has to outearn his/her parents (vertical axis) depending on the parent’s income percentile (horizontal axis). The 1st percentile represents America’s lowest earners, while the 99th percentile the richest.
As we move from left to right on the chart, the portion of people who outearn their parents declines dramatically, suggesting that people born into upper-class families are less likely to outearn their parents, regardless of generation.
From the chart, we can conclude that the starting point of the downward trend of upward mobility has shifted to the left, i.e. fewer people in the lower- and middle-classes are climbing the economic ladder.
Source: Visual Capitalist
Virtual Office Hours: If you need to vet a business opportunity or get a second legal opinion, grab 15 minutes of my time.
Have an interesting, fast fact for a business audience? Please send and share it with our 1,600+ subscribers. Click here to subscribe to Read & Share and receive fast facts delivered weekly.
ABOUT MIKE MERCURIO
Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332
Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
Find out why Offit Kurman is The Better Way to protect your business, your assets and your family by connecting via our Blog, Facebook, Twitter, Instagram, YouTube, and LinkedIn pages. You can also sign up to receive LawMatters, Offit Kurman’s monthly newsletter covering a diverse selection of legal and corporate thought leadership content.
DELAWARE | MARYLAND | NEW JERSEY | NEW YORK | NORTH CAROLINA | PENNSYLVANIA | VIRGINIA | WASHINGTON, DC