American Dreaming Looking Mighty Nightmarish
(Daily Finance) — Every parent wants more for their child than they had for themselves. Ideally, each generation should move forward. But it’s not a given in America. A middle class upbringing does not guarantee the same status over the course of a lifetime, finds a new study Downward Mobility from the Middle Class: Waking up from the America Dream by The Pew Charitable Trusts. A third of Americans raised in the middle class, those defined as being between the 30th and 70th percentiles of the income distribution, fall out of the middle as adults, according to the report. In the parent’s generation, this definition of middle class roughly translates to income from about $32,900 to $64,000 in 2010 for a family with two adults and two children. For the children’s generation, the income range was $53,900 to $110,000 for a family of four. There are differences in the rates of downward mobility from the middle based on both family background and personal characteristics.