The Economic Mobility Project, an ambitious research initiative led by the Pew Charitable Trusts, looked at the economic fortunes of a large group of families over time, comparing the income of parents in the late 1960s with the income of their children in the late 1990s and early 2000s. Here’s the finding that jumps out at me:

“The ‘rags to riches’ story is much more common in Hollywood than on Main Street. Only 6 percent of children born to parents with family income at the very bottom move to the very top.”

That’s right, just 6 percent of children born to parents who ranked in the bottom fifth of the study sample, in terms of income, were able to bootstrap their way into the top fifth. Meanwhile, an incredible 42 percent of children born into that lowest quintile are still stuck at the bottom, having been unable to climb a single rung of the income ladder.