Mean child household income is the average income of children born between 1980-1982 in 2010-2012 (when they are approximately 30 years old). Parent household income is the average income of parents between 1996-2000 (when the children were between 14 and 20 years old). Dollar values are adjusted for inflation so they reflect purchasing power in 2012. Income data comes from tax records.
The graph shows that children earn about the same income as their parents did. This results shows that the environment in which the children grow up can have a tremendous impact on their futures.
ReplyDeleteThe first observation that I drew from this graph was that there was a direct correlation between the incomes of parents and their 30-year old children. It is evident that if the parents of a child find themselves towards the far right of this graph (near the 400,000 dollar mark), their children will correspondingly find themselves towards the top of the graph (near the 90,000 dollar mark). I think that this has a lot to do with the environment surrounding the children as they grow up, that is to say if they see their parents working hard and succeeding, they will be more likely to strive to do the same. Having said that, the children of parents on the lower end of the spectrum have no basis or model of success and wealth to work off of, so naturally they too end up near the bottom of the graph.
ReplyDeleteI agree that there is a correlation between parents' incomes and children's incomes. However, I disagree with your argument about work ethic, and its causing richer families to produce richer children.
DeleteThe more likely cause is that richer families can afford to buy textbooks, school supplies and can also afford to send their children to expensive, prestigious schools. Richer parents mean more opportunities available to the children. Richness also tends to be accompanied by power, so the practice of nepotism is quite likely to prosper in rich families- parents slip their children into powerful positions.
Poorer families cannot always afford to feed their children, so expensive TI-83s for that one math class may be out of the question. The same story may repeat for college. Without a college education, it is very difficult to get a well-paying job without a college degree, especially as the job market becomes increasingly competitive. Anything they get is based off pure hard work, and maybe some luck.
-CouchPotato
Although I agree with you that the ability to afford schooling, textbooks, school supplies, etc. is an important contributor to the trend on the graph, I also agree with Justin that the children's surroundings may have had an impact as well. However, this effect may not have been contributed to the fact that these children lack the model or basis for success.
DeleteIn fact, these children probably witness their parents working as hard or harder than their upper-class peers. Parents of these lower-class families most of the time have to work even harder in order to just get by. However, the children witnessing their parents' hard work while also realizing that their wealth does not increase. Thus they construct a negative correlation between hard work and financial success.
-engMANeer
Alanna Rothman (Section 0601)
DeleteI agree with all of the points made here, especially the one stating that a good explanation for the correlation is the fact that richer families can provide their children with many more opportunities. For example, many wealthy parents choose to send their child to a private school in order to put them on the path for an IV League College. This in turn would lead the child to achieve a more prestigious position than that of somebody without a college education.
Another explanation for the correlation is the connections parents with high income jobs have. For instance, a parent in a high position often has a lot of connections/friends/colleagues through various meetings, dinner parties, etc. These colleagues often have or know of good job openings and can influence the decision of who gets the job. So, the connections of the wealthy parents could help the child get a prestigious job.
I believe that this graph depends on the background of these 30 year olds and parents. Whether they are upper class, middle class, or lower class. Normally around the age of 30, people are just getting into their careers or settling within their careers. According to this graph, the older the children grow, they will make just as much as their parents do.
ReplyDelete-Ruby22
I agree with many of the points above. I think affluence can impact a child's potential because it can "buy" opportunity (private schooling, world travel, job connections). Also, where are the families geographically? How are the school systems in the lower income brackets? What are the employment rates? A person can't have a consistent income without employment. Affordable housing areas for low-income earners tend to have poorer school systems (due to less tax dollars rolling to the district), and higher drop-out rates. This could affect the child's earning potential later, if that child has low grades and cannot afford college.
ReplyDelete-SecretAgent
The first thing that I saw from this scatterplot of Intergenerational mobility is how it's show a strong positive correlation between the mean child household income and the parent household income. I think both the child and the families probably live in high income areas. Since they have all that wealth, parents are able to pay for special
ReplyDeleteneeds or activities that the low income families can't afford.
Ameerat olatunde
Oyin Adedipe, 0601
ReplyDeleteThis graph depicts the relationship between parents’ household income and mean child household income. As parents’ household income increase, mean child household income also increases. In other words, the more money your parents made while you were growing up, the more money you are likely to make in the future. This data is certainly very interesting to analyze and it shows the cyclicality of socioeconomic inequality. The rich will stay rich, while the poor will stay poor. It just shows that sometimes you are simply a product of your environment. There are, of course, a number of factors that can contribute to the results depicted in the graph. For instance, parents who make more money are more likely to afford their children better opportunities that will enable them to succeed in the future. For example, a parent who makes about $400,000 can afford SAT prep classes for their high school child. This can result in the child getting higher SAT scores and in turn attending a better college and hence being able to make more money upon graduation from college. However, parents with low incomes will most likely not be able to afford such opportunities for their children. I have heard comments along the lines of “poor people are poor because they are lazy.” This graph is a testament to my belief that at times you can’t really blame the individual for their circumstances; it’s a cycle.
I think a few observations can be drawn after looking at this information. First, I think it is entirely possible that because a child is raised in a high-achieving, high-earning atmosphere, they develop good work ethic and are internally motivated to achieve. They have role models who work hard and reap the benefits of the results. It is possible that just being raised by high-achievers turned themselves into high-achievers as well. I think it is important to not discredit those who were raised in low-income households and immediately count them out just because their parents did not earn as much. I think when you are raised in a house with more money, your parents are more willing to spend money to get you in better school, spend money on tutors, supplies, etc. to give you a better chance at success. Those in lower income households likely do not get those same advantages and therefore are not given the same opportunity at success.
ReplyDeleteKiet Zhou
ReplyDeleteThe information presented in this chart represents a positive correlation between mean child household income and parent household income. As the parents' income increases, the child's income also increases. This correlation thus suggests that a possible relationship exists between the two different variables. There are many factors that can affect and allow for such a relationship to occur. One of them is that parents who have higher incomes value education more. Most often, a higher income reflects a higher education level, therefore these parents may be more likely to support the educational needs of their children and thus help pave the path towards a higher degree and higher income as well. Another factor is that the children who grew up in a wealthier environment are more likely to stay in that same type of environment as they grow older. Since they are already used to those luxuries in life, they may work harder in order to be able to keep those same luxuries for their own families.
What i see with the graph is that the wealthy provided supplies and support that will drastically help give an advantage over the poor. Therefore the families as a whole will grow by passing down money that will effect future generations. As the children grow they have a greater chance to make just as much if not more money then there parents do.
ReplyDeleteThere are two things I noticed from this graph. First, children didn't grow up to make as much money as their parents did. Secondly, children grow up to make more money than other children with poorer parents.These two facts are interesting because it shows how the ascribed status of these children affect their future chance of affluence. Also, it shows that it is hard to make more money than your parents did.
ReplyDeleteI agree. Although there is a positive correlation between parent income and child income, it seems that as the years go on, children are making less income overall. This could be because of the economy, and everyday jobs not paying as much to younger people as they would to older people, like their parents.
DeleteColleen Snitzer
Shannon Healy
ReplyDeleteThis graph exemplifies the effect parents have on their children's economic future. It clearly shows how the poor status is passed down generations and how the rich status is passed down through generations. Poor parents will lead to poor children and rich parents will lead to rich children.
Children usually make as much money as their parents did. Based on where you grow up can largely impact how much money you will make and the standards of living will be for you when you are in adulthood.
ReplyDeleteI feel that this graph shows that the parents and their kids earn about the same amount. This graph also proves the the environment you grow up in can tremendously impact how well you do in the real world. Growing up with high income makes you more likely to make a lot of money when you are older.
ReplyDeleteThis graph shows a correlation between incomes of parents and their 30-year old children. Toward the top right of the graph, it is evident that when parents have a high income, their children are also likely to have a high income. At the lower left end, it is evident that when parents have a lower income it is likely that their children will as well. This is probably due to the fact that children in higher income families have more opportunity to succeed and have received a good education. The lower income families have less opportunity to succeed and a lesser education.
ReplyDeleteThis graph and its caption display a positive correlation between the average income of parents and the average income of their children at age 30. As the average income of parents increases, generally, the average income of their children at age 30 increases. Also, as the average income of parents decreases, the average income of their children decreases. This correlation makes sense and can be explained by multiple factors. One reason for this correlation is that wealthier families provide more opportunities for their children to obtain education and success. This can include things like being able to afford books, tutors, etc. Also, wealthy parents can provide connections for their children to use. In many cases, poor families will have less opportunities for their children to obtain a good education. Sometimes in poorer families, children might have to start working at an earlier age without completing their education to assist their family financially.
ReplyDelete-Simon Chang
This graph shows a positive correlation between the average income of parents at the and their children at the age of 30. So, if the parents make $400,000, their children will make around $90,000. These values are are on the higher end of the graphs, showing their is a relationship between the two variables. Obviously, the two values are not the same because the child is only at the age of 30 so they are rather younger in their income journey. But, if the parents make a lot of money, their children have more of a tendency to make more money as well. This is most probably because of the environment the children grew up in. The parents had the money to pay for their children to go to good colleges and made the money to allow them to succeed. Yes, there are always exceptions but in general, there is a positive relationship between the income of parents and their children at the age of 30.
ReplyDeleteKeyan Javadi
I think this graph is very interesting to see, and it's clear to see the influence that parents and their work has on their children. Parents who were near the top of the graph earning more money can see that their children correspond with their work ethics and earn higher amounts of money as well. Unfortunately, the opposite is likely to happen as well, with parents earning less amount of money and their children doing the same. I think a lot of this has to do with learning, and the parents aging as role models to their children. If parents show their kids that working hard will earn good amount of money, then children know of the possibilities to earn money by working hard. However, if parents are not working hard and not making a lot of money then their children will not know of the possibilities of earning a lot of money through work. If their parents cannot accomplish these goals then the kids do not think they can do so themselves.
ReplyDeleteOne can deduct from this scatterplot graph that there is a strong positive correlation between mean parent household income and mean child household income. In essence this indicates that there is a relationship/association with parents’ income and their childs' income. This is not to say that those who have lower economic status can not have upper mobility or even those who have higher economic status may not have lower mobility. The children who are born into their families have ascribed status that is they are born into the socioeconomic status of their parents.
ReplyDeleteHowever, it is evident that the children in the graph did not accumulate as much money as their parents have done. Unfortunately this association indicates that those who have poor parents in contrast with those who have rich parents will grow up to make more money. Thus, continuing the cycle of how the poor are continuing to remain poor and the rich are getting richer. Some reasons as to why the richer children grow up to be equally as rich as their parents if not richer is because they can provide the resources for them to attain the same socioeconomic status that they hold. They can pay for private and/or prestigious institutions to teach their children and they can help them obtain eminent tutors that can help them obtain higher grades on standardized tests. The lack of opportunity and resources for the poorer children is often the driving force for the cycle’s repeat.
-Saron Bizuayehu
This graph shows that if a child grew up in a wealthy home, they are more likely to have wealth themselves when they are adults. One of many possible reasons for this is that the higher the income of a family is, the more than can do for the child and their future: for example, paying for education and the like.
ReplyDelete-Matthew Glazer
The graph shows a correlation between income of parents and their children. This means if you grow up in a wealthier household, you are more likely to be wealthy also. This is also true that poorer households often have children that grow up to be poor also, although there is a possible of economic mobility. However, the children from wealthier households still did not make nearly as much as their parents did according to the chart. On the other hand, the children from poorer household were able to make a little more than there parents will be able to make. This chart shows the overall economic movement of economic status between generations.
ReplyDeletethis graph demonstrates the correlation between the income of parents and the predicted income of their children. it shows that the income of the parents will most likely be the income of their children. this is probably because children grow up living off a certain amount of income generated by their parents and feel obligated to make as much or more to prove worthy o their parents. But on the other hand parents that are very wealthy will eventually pass down their wealth to their children, and their children will do the same for their own. this cycle keeps continuing keeping this graph true.
ReplyDeleteBryce Young
This graph illustrates the mean child household income which is the average income of children born between 1980-1982 as well as 2010-2012 (when they are approximately 30 years old). The graph mentions that parent household income is the average income of parents between 1996-2000 (when the children were between 14 and 20 years old). After looking at the trend in the data, one can conclude that if you grow up in a wealthier household, you are more likely to be wealthy later on in life. On the other hand, if you grow up in a poor household you are more likely to be poor later on in life. Between these generations, one can also note that being poor doesn't determine your future exactly. In other words, some children that grew in poor households were able to make a little more than their parents were able to earn, showing that one can escalate on the economic ladder. On the other hand, wealthier parents can also afford to do things differently. Some believe that this gives these kids an advantage. For example, with the money they have inherited, they can continue to distribute wealth, further perpetuating this trend in the graph.
ReplyDelete- Louis Pardo
The chart does reflect a correlation between child income and parental income, stating that children with parents who earn more end up earning around the same as their parents do. In my society today, I do find that to be generally true. Today, I see many wealthier parents who use their connections in order to help their children succeed whether it is finding them an internship, sending them to private school, etc. I do think wealthier parents can afford to give their children unlimited opportunities that will only help them reach the same level or higher than they have. Whereas I do believe kids in poorer families are not as fortunate because instead of having the same resources as wealthier children have, they have to pave their way through their own society. Also their parents do not have the ability to pass down much wealth to their children so it's not like they can support themselves through any inheritance whereas I do believe wealthier families pass their wealth down to their kids to secure their future.
ReplyDelete-Lakshmi Subramanian
This graph shows the impact and influence that parents have on their kid's future. It also shows how hard it is for kids to break the barrier and make more money than their parents did and move up the social ladder. There is no social class movement. It is extremely common for kids to stay in the same class they grew up in (same as their parents).
ReplyDeleteFrom this chart we can see that the mean child house hold income equals their parents mean income, which means the environment of growth of the children is pretty important and parents have great influence on their kid's future.--Qiao Mi
ReplyDeleteThis graph shows that the higher the parent's income is, the higher the child's income is up to a point. This means that, except for outliers, a child born into poverty is likely to stay in poverty or close to the poverty line and a child born into an upper class family will likely stay at that level. The chart shows a possibility of income mobility, but not a lot of mobility. A child's income is heavily influenced by their parents income.
ReplyDeleteThis graph shows that children who grow up in well-off families tend to also end up well-off by the time they are independent individuals, perhaps with families of their own. It is fascinating to observe how socioeconomic status passes from generation to generation. A couple of questions come to mind when I review this information. First, is success due to nature or nurture? Is success hereditary? Probably not. But then, to what do we attribute this phenomenon. What it is, exactly, that is passed along from parent to child. Is it money itself? Is it experience and opportunity that leads to money? Is it work ethic and mindset that are transmitted along the generational gap? I think of the phrase “check your privilege.” In no way do I mean to disparage the struggles that the middle and even upper class face and overcome to get to where they are, but it is interesting to ponder that while the wealthy remain wealthy, it is very possible that the poor remain poor. The environment of one’s upbringing clearly has some effect on one’s future.
ReplyDelete--
Max Samuels
The chart basically shows how hard it is for someone from low income family to “change their fate”. As we can see in the chart, children income has lots to do with parents’ income. This could be due to the following reason:
ReplyDelete1 the research is conducted when children is 30, many of them might be under the most financial pressure: they just started working, and their position is not very high, income, as a result, not very high. So there might be a difference 20 years later that we don’t know yet.
2 many studies have shown the connection between parent income and children income, the reason could be unequal chance of education, different expectation of themselves and many jobs that are limited to certain social class. But good news is, as we’ve seen in the breakdown chart in class, there is a chance of changing their life in terms of income. There are exceptions, and we have to work hard to be the one.
Li
The chart reveals how their is a strong positive correlation between children household income and parent household income. This reflects on the idea that if a child is raised in a middle to upper class family, they are most likely given resources from their parents to help them succeed as the children grow up. It is highly unlikely and difficult for a child growing up in a family that is living in poverty to be able to attain high prestige in income because they aren't given the proper resources and support as from wealthy families. There is income mobility as the status of a family income class rises from poor to upper. If parents are able to provide for their kids and support them correctly, then the children should be able to gain the same level of income that of their parents.
ReplyDeleteThis chart generally indicates that children will typically earn as much as their parents did when they grow and mature into full adulthood (approximately 30 years old). This means that the economic status of parents was for the most part passed onto their children. This transfer has to do with the parents' ability to financially secure their children's future in different degrees or not at all.
ReplyDeleteThis chart shows the obvious connection between wealthy parents and wealth a child has later. Money can buy you knowledge. Its no surprise private schools, with better resources and teachers, tend to pass on more information to their students than public schools. Those who know more tend to get better jobs, thus higher salaries. Children from richer households also have more opportunities to meet other rich people and make connections that will get them ahead later in life.
ReplyDelete-Celia Reilly
This graph clearly shows a correlation between the child's income at age 30 and their parents' income. This is probably the result of a variety of factors. The child probably had access to better education and resources if they came from a high income household. This would allow them to get jobs with higher salaries as well as form connections with employers of high paying jobs. It is also possible that the child would want to maintain the standard of living that they grew up with and therefore would be motivated to do as well or better than their parents financially.
ReplyDeleteIt is clear by this graph that there is a correlation between how much a child's parents make and how much they will make when they grow up. This actually makes a lot of sense. If a parent has money, they can afford to send their children to prestigious schools and give them better opportunities. They also want to see their kids succeed like they did, so they might push them to be better. Those growing up in lower income families are not exposed to as much opportunity, meaning they will probably end up like their parents. While this seems to be common, it is also not always the case. We see every day the rich kid being spoiled, thus, ruining his work ethic making him a bum who is too lazy or too spoiled to know how to work. We also see people coming from poor families who push themselves to get out of that situation and be successful. It all depends on the person and how they were raised. However, as the statistics show, it is more common that people end up like their parents.
ReplyDeleteI believe this reason behind intergenerational poverty or wealth is due to education. It is a fact the more educated you are (highschool, college, graduate school, etc.) the more income you will make. The richer parents therefore have achieved highter levels of education, and instill these values in their children. This is not to say that those with lower income don't value education. Although, those with lower incomes are less likely to have achieved such high levels that almost guarantee financial success
ReplyDeleteFrom the graph we can comprehend that there is a direct correlation between the incomes of parents and their children: the larger the parents’ average income is, the larger that of their kids. There can be multiple explanations for this trend. Difference in parenting methods plays a role here, as children tend to look up to their parents’ achievement. Inequality in investment can also be a reason: richer parents are capable of providing more educational and occupational opportunities for their children than poorer parents.
ReplyDeleteThere is a positive correlation between a parents income and the child's income in this graph. Looking at the graph we see that there are more people on the lower end, meaning that most people have lower income levels, and their children are likely to experience the same. The wealthy people’s children are likely to experience the same as their parents too. This can be attributed to several factors. People who make less money might not have as much access to resources that could further their child’s education and opportunities like that of the wealthier. That being said, the wealthier can afford to spend large amounts of money on education and other opportunities for their child to further their status or standing later on in life. The concentration levels (heavily concentrated near lower income levels) directly related to what is seen in income inequality trends.
ReplyDelete-Cierra Horsting
it is clearly seen in the graph that there is positive correlation between the parent's income and their children's income. The higher the income of the parents, the higher income of the children (not the same because the offspring are just in the beginning of their career. but they have a big potential). The society in the United States created very extreme class stratification, and the mobility from lower class to upper one is very difficult (as we can see in the graph). Middle and upper class kids study in better schools ( because schools in rich neighborhoods have higher funds, and are occupied by rich kids who live there), have the monetary means to perceive college degree, and in general are raised in an environment that teaches the norms, values and the right way of communication that are needed for success.
ReplyDeleteThe Household Income chart makes the point that a parent’s income is correlated with the amount of money their child is on the path to make. This is due to several factors including education, environment, values, and privileges given by parents that offer competitive advantages over others. At age 30, adults are still fairly new in their careers, so over the passing of time they will be in the same position as their parents and will raise children in the same path as they once followed.
ReplyDelete- Cameron J. Goins/ 12/10/14
This graph shows how wealthier households tend to produce higher earning children. This correlation is most likely attributed to higher and better education in more wealthy families; typically families who earn more can afford to send their children to better schools and allow them to get a better education. Also, wealthier families will have an increased capability to afford college and post-graduate schooling. Higher education allows for higher paying jobs and thus higher incomes.
ReplyDeleteThis graph depicts the relationship between a parents income and their child’s income, and that there is a trend that they usually have about the same income. This relates to class when we discussed social stratification hierarchy and social class- usually the social class that a person is born into is the one in which they remain, with exceptions of several outliers. Elements that play into this are the type of environment the kid grew up in, the type of model their parents set by which jobs they have- these factors play into what job the child will end up striving for.
ReplyDelete-Sarah Wigmore
The graph depicts a positive correlation between parent income and child income. Children who have lower income parents, will most likely experience lower income themselves. Similarly, children of wealthier parents are more apt to experience a higher income. The graph depicts a larger portion of people experiencing lower income. This data depicts the socioeconomic inequality in the US. The rich are more likely to stay rich, while the poor will remain poor. I believe that it is in part due to the parents of higher incomes, to have the money to afford to send their children to better education facilities and give them an advantage in life over poorer families. Poor income families might struggle to afford college or necessities.
ReplyDelete-Foofie
This graph demonstrates the correlation between Parent Household Income and Mean Child Household Income. It is clear that the higher the parent household income, the higher the mean child household income.Many factors could come to play in this correlation. One is that in society today money rules practically everything. In order to achieve upward mobility, most times money has to be present. Receiving an education has become significantly more expensive. It has also become essential to become successful. So if someone has very little money and cannot receive higher education than their chances of getting wealthier become much more difficult. This is why the saying "The rich get richer while the poorer get poorer" is so true.
ReplyDelete-Tita
The graph shows a direct correlations between parent household income and mean child household income. When the children were 30, their income was similar to their parents'. I think the two biggest explanations for this are opportunity and resources. Parents with a larger income tend to have more resources and opportunities opened for their children. The money supplies the resources, and rich adults usually associate with other rich adults; which allows their children to have access into more opportunities. Children with parents that have a low income tend to be forced into the situations without their own volition.
ReplyDelete-Brandon Chambers
There is definitely a positive correlation between the parent’s income and the children’s income, but I don’t think that this correlation can be directly attributed just to work ethics or the environment the child grows up in. I think that the reason that the children of rich parents become rich themselves is a mixture of different reasons. First, the children are provided with some of their parent’s wealth through inheritance, or just having their parents buy them things. Then in addition to this partial wealth, they also work, and get at least a modest job. This way, when the wealth they got from their parents is added to their own wealth, they are rich- even if their salary is not incredibly high. Children from poorer households don’t have that financial support from their parents even when they get older, so they have to use their own money for things like tuition, loans, and so they begin their adult life already behind or owing money. But there are also so many other factors and outliers- such as how wealthy parents will hand down their businesses or position to their children, or how poorer children may not value earning a lot of money since they grew up not having that much money to begin with.
ReplyDeleteThis graph exemplifies the overall effect which a parent's income and economic situation has on their children. There is an overwhelmingly positive correlation supporting that those in a certain socioeconomic class will stay in that class, as represented by this graph. I believe this positive correlation can be attributed to things such as access to education, as well as perceived value of money. If your parents value higher education and access to college, you are more likely to have these values imbued upon you on a very young age. Thus, you will strive to continue to reach a level of socioeconomic status similar to that of your parents as you begin to progress and further your education. While there are anomalies to this theory, there is much evidence to support the fact that children will often follow closely in their parent's footsteps.
ReplyDeleteThis chart presents a correlation between mean child household income and parent household income. There is a positive correlation as parent household income rises so does child household income. Therefore, those born into wealth are likely to be wealthy themselves at an older age. This is very significant in today's society because this plays an important role on education and building on a socioeconomic level.
ReplyDeleteThe graph is showing that on average, kids earn the same amount as their parents once did. Children who's parents have a high value of education and money are exposed to the same type of lifestyle as they grow up. There is a positive correlation. As one increase, the other follows.
ReplyDeleteThis shows us a very direct correlation between child and parent income. The more your parents make, the more you will make (on average). This chart shows that the US has very low intergenerational mobility. It is a dimension of economic inequality. Those that make the most money will continue to do so among generations.
ReplyDelete-- Drew Brees