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Your Parents' Income Dictates Your Financial Future Even More Than Economists Previously Thought
Grusky and Pablo Mitnik, his co-author and colleague at the Center on Poverty and Inequality, use a new data set provided to them by the IRS to show that in the U.S., roughly half of parental income advantages are passed onto the next generation in the form of higher earnings. This proportion increases for the wealthier: For people whose parents are between the 50th and 90th percentiles of earners, about two-thirds of this parental edge is perpetuated.
American households are working longer hours—hours they used to have for other activities such as leisure or family time. These longer hours are the main reason why household earnings increased over the last 35 years.