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Illustration: Eniola Odetunde/Axios

The American Dream’s promise of a better life if you work hard enough is fracturing.

The big picture: Socioeconomic mobility in the U.S. is at its most sluggish in history. Not only are fewer Americans living better than their parents, but there’s also a growing number of people doing worse than their parents.

By the numbers:

  • The World Economic Forum released a report this week in Davos that ranked the United States 27th in the world for social mobility. The top five nations were Denmark, Norway, Finland. Sweden and Iceland.
  • In a recent study, researchers from UPenn, Northwestern, the University of Nebraska and the Census Bureau looked back as far as 1850 and concluded that socioeconomic mobility in America is at its worst ever.
  • Per the study, around 60% of people born in the 1940s did better than their parents, compared to 40% of those born in the 1980s.
  • And just 15% of 1940s kids lived worse than their parents, compared to 30% of people born in the 1980s.

"Most parents expect that their kids will do better than them," says Xi Song, a professor at UPenn and one of the researchers. But now that happens for less than half of kids.

There's a stark racial gap when it comes to mobility, Stanford law professor Ralph Richard Banks writes in a New York Times op-ed.

  • "Black boys who grow up rich are twice as likely as their white counterparts to end up poor."
  • "And of those black boys who start life poor, nearly half will remain so in adulthood, while more than 2 in 3 of their white peers will escape the poverty of their youth."

And mobility depends on where you grow up, too.

  • As we reported earlier this week, kids' earning potential and life expectancy hinge on the neighborhoods where they were born.
  • "For moving from the bottom of the income ladder to the top, the South offers the worst odds in the United States," per NYT.
  • On top of that, areas with low social mobility in the U.S. also have larger life expectancy gaps between the rich and the poor, per another UPenn study out this week.

The bottom line: Worsening income inequality paired with stagnant socioeconomic mobility is defining today's America. And these trends will impact everything from public health to how people vote in 2020.

Go deeper:

Go deeper

Oklahoma sues Biden administration over Pentagon vaccine mandate

Secretary of Defense Lloyd J. Austin testifies before a House Armed Services Committee hearing on Sept. 29 in Washington, D.C. Photo: Olivier Douliery/Pool via Getty Images

The state of Oklahoma filed a lawsuit against the Biden administration on Thursday in an attempt to block the enforcement of its vaccine mandate for federal employees.

Why it matters: The move comes one day after Defense Secretary Lloyd Austin denied Oklahoma Gov. Kevin Stitt's (R) request to exempt the state's National Guard from the mandate.

Congress passes stopgap funding bill to avert shutdown

Senate Majority Leader Chuck Schumer. Photo: Chip Somodevilla/Getty Images

The Senate voted 69-28 to pass legislation Thursday night to fund the government until February 18.

Why it matters: The move staves off a government shutdown but lawmakers still have a busy month ahead: Congress needs to work out a deal to raise the debt ceiling in a few weeks and Democrats are trying to pass their behemoth social spending bill.

DiDi to delist from NYSE under Chinese govt pressure

Illustration: Sarah Grillo/Axios

Chinese ride-hail giant DiDi said it will delist from the New York Stock Exchange, following a Chinese government crackdown on foreign listings.

Why it matters: This reflects how geopolitical tensions are bleeding into the capital markets.