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Reply to "Time for some “riches to rags” stories."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s not that common [/quote] Neither are rags to riches stories, yet I read about those all the time. On average, when controlling for inflation, people achieve the same level of success as their parents. For every overachiever, there's an underachiever.[/quote] That’s not entirely true, there is regression to the mean. The intergenerational correlation for parent and child income is around .5 in the US. The average kid with parents in the 99th percentile of the income distribution will only be at the 75th percentile when they are an adult. https://www.census.gov/content/dam/Census/library/stories/2024/07/race-and-class-gap/figure-1.jpg[/quote]
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