A true look into the current chance of Americans rising to the top has taken place and what we use to say about our land is no longer true:
America may still think of itself as the land of opportunity, but the chances of living a rags-to-riches life are a lot lower than elsewhere in the world, according to a new study published on Wednesday.
The likelihood that a child born into a poor family will make it into the top five percent is just one percent, according to "Understanding Mobility in America", a study by economist Tom Hertz from American University.
By contrast, a child born rich had a 22 percent chance of being rich as an adult, he said.
"In other words, the chances of getting rich are about 20 times higher if you are born rich than if you are born in a low-income family," he told an audience at the Center for American Progress, a liberal think-tank sponsoring the work.
He also found the United States had one of the lowest levels of inter-generational mobility in the wealthy world, on a par with Britain but way behind most of Europe.
Alan Greenspan made a speech last year a few months before retiring. He said that the increasing divides amongst our social and economical classes are an increasing threat to our democracy. That is so very true. Considering the fact that to run for a seat on the United States House of Representatives has a price tag in the range of $20 million to $100 million, it is not surprise this threat exists.