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Most Americans earn more than parents, but only a third rise in income class, study says
The overwhelming majority of Americans still make more money than their parents, but upward mobility is elusive for many, particularly for African Americans and those without a college degree, according to a new study released Monday.
While 84 percent of Americans earn more than their parents, about a third moved up between income classes during the past four decades, according to a new study from the Economic Mobility Project at the nonpartisan Pew Charitable Trusts. Sixteen percent of all families surveyed dropped from the income levels of their parents, and blacks were more likely to be downwardly mobile than whites.
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