America's Rags-to-Riches Dream an illusion: Study

Excerpt:

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.

Joe Libertarian might account for the 20 percent difference by suggesting that most of that 20 percent is comprised of those who don't want to be rich. While that might be true for some, I doubt Joe Libertarian's assumption would apply to many in an America where wealth determines self-value for practically everyone, irrespective of whether many will admit it.