study<\/a> published by the Federal Reserve Bank of St. Louis, they admit the so-called American Dream is now largely an impossible goal for a majority of the country.<\/p>\nIn other words, the American Dream is officially dead.<\/p>\n
In the study, Stanford economist Raj Chetty measured, \u201cthe probability that a child born to parents in the bottom fifth of the income distribution makes the leap all the way to the top fifth of the income distribution.\u201d<\/p>\n
Chetty concluded that American children have a whopping 7.5% chance on average of actually achieving the American Dream in America.<\/p>\n
Sure, a chance is still a chance, but that\u2019s a really low chance.<\/p>\n
As it turns out, Americans who actually want to achieve \u201cthe dream\u201d would have a better chance of doing so in Canada (13.5%), Denmark (11.7%), or even the UK (9%) than here in the US.<\/p>\n
So Americans would basically have almost twice the chances of achieving the American Dream in Canada, making it the Canadian Dream.<\/p>\n
But 7.5% is just the average<\/em>, mind you. That factors in super wealthy neighborhoods. When you get down into the major cities where the majority of people live, 7.5% looks more like a cruel, unachievable joke.<\/p>\n\u201cIn the city of Baltimore, you unfortunately have only a 3.5 percent chance of making that leap from the bottom fifth to the top fifth. That compares with 4.7 percent in D.C.\u201d<\/p><\/blockquote>\n
Of course, your chances are higher if you are a child graced with the luck of being born in a predominantly wealthy, suburban neighborhood, but come on everybody knew that already.<\/p>\n
It\u2019s just \u201crich\u201d to hear the Federal Reserve officially admit the American Dream is dead, that\u2019s all.<\/p>\n
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