In the wake of the Great Recession, many Americans don’t feel economically mobile as they face rising healthcare expenses, high energy prices, swelling college education costs, and slow wage growth. A recent Gallup survey confirmed that income inequality is not ranked high on the minds of Americans—dissatisfaction with the federal government, the state of the economy, joblessness and growing healthcare costs are. Relative economic mobility remains the key driver of individual prosperity, and economic growth ensures that everyone is better off in absolute terms over time.
A three-part series of Joint Economic Committee Republican Staff Commentaries delved into the issue of economic inequality and mobility: (1) identifying the common sources and misconceptions of inequality and noting how inequality has changed over time; (2) examining inequality in the context of economic mobility; and (3) exploring factors driving economic well-being and mobility and evaluating the effectiveness of various policies aimed at addressing economic inequality.
This commentary recaps and updates the previous series and highlights some facts about economic mobility for future and recommends the pursuit of policies that broaden opportunity for more Americans, encourage job growth to foster economic growth, and remove obstacles that many Americans face in equality of opportunity.
See the entire Republican Staff Commentary attached in pdf format below: