"In the words of The Wall Street Journal (May 13, 2005):
Although Americans still think of their land as a place of exceptional opportunity—in contrast to class-bound Europe—the evidence suggests otherwise. And scholars have, over the past decade, come to see America as a less mobile society than they once believed. As recently as the later 1980s, economists argued that not much advantage passed from parent to child, perhaps as little as 20 percent. By that measure, a rich man’s grandchild would have barely any edge over a poor man’s grandchild....But over the last 10 years, better data and more number-crunching have led economists and sociologists to a new consensus: The escalators of mobility move much more slowly. A substantial body of research finds that at least 45 percent of parents’ advantage in income is passed along to their children, and perhaps as much as 60 percent. With the higher estimate, it’s not only how much money your parents have that matters—even your great-great grandfather’s wealth might give you a noticeable edge today."