Once the United States was famed as a land of opportunity, where a family could leap from 'rags to riches' in a generation. But today, if you are born to parents in the bottom income quintile, you have just a 5 per cent chance of getting into the top quintile without a college degree. What Charles Murray has called the 'cognitive elite', educated at exclusive private universities, intermarried and congregated in a few
Historically, the United States has been celebrated as a nation where hard work and determination could propel families from poverty to wealth within a single generation. However, current statistics reveal a stark contrast, particularly for those born into low-income families. If an individual comes from the bottom income quintile, the likelihood of advancing to the top quintile without a college education is merely 5 percent, illustrating significant barriers to social mobility in today's society.
Niall Ferguson discusses these dynamics in his book, "The Great Degeneration: How Institutions Decay and Economies Die." He highlights how a so-called 'cognitive elite' has emerged, consisting of individuals educated at prestigious private institutions. This group tends to intermarry and cluster in specific communities, which can exacerbate economic inequality and limit opportunities for those outside their circle, further entrenching the divide between different social strata.
