According to the Equality of Opportunity Project, “Children's prospects of earning more than their parents have fallen from 90% to 50% over the past half century.” It is becoming increasingly difficult for children to earn more than their parents. Each additional year corresponds to a 1% decline in the number of American children who earn more than their parents. Therefore, if the level of education affects earning rates, children need to attain higher levels of education than their parents to earn similar to greater salaries than them.
