In short, our American belief in the feasibility of rags to riches is a myth. The rags-to-riches path is less feasible in the U.S. than in other major democracies. The likely explanation is that wealthier American parents tend to be better educated, to invest more money in their children’s education, and to provide more useful career connections to their children than do poorer parents. For example, children of wealthy American parents are 10 times more likely to complete college than are children of poor parents. As Richard Reeves and Isabel Sawhill wrote, “Pick your parents carefully!”
