Harker: Moving Up or Running in Place? Examining Economic Stability and Mobility in Philadelphia

From philadelphiafed.org

Upward economic mobility. It is the basis of the American Dream — that we can work and save and, through time, continually move up the ladder of success. But for too many Americans, this analogy of the economic ladder doesn’t just fall short, it seems entirely out of place. Instead of a ladder, these workers and their families find themselves on something more akin to a treadmill. They continue to put one foot in front of the other, yet they feel as if they’re stuck in place. Even worse, some feel as if the incline on their treadmill is increasing, so they’re not just staying in place but they’re working ... (full story)