The research also has shown that families that save are more upwardly mobile. Poor families with low incomes often find saving next to impossible. When the car breaks down, medical expenses arise or other essential spending must take place, credit cards with high interest rates become the only option. It is not hard to see how people can enter this impossible debt cycle if credit is the only available option. Of high saving low income families, 71 percent were able to move out of poverty in a generation, unfortunately the number of poor families achieving high savings is very small.
While we have no control over who our parents are therefore no control over our economic status, I do not believe that we can turn a blind eye to so many American children being raised in poverty. Oklahoma Coach, Barry Switzer so famously said, “some people are born on third base and often go through life believing that they were the ones that hit the triple that put them there.” In other words, if you have it pretty good, show a little humility, share a little of your good fortune with those that don’t have it so good.
Clearly, moving up in America is much more difficult than it was thirty years. Still, I would like to believe that a person can still improve their lot in America with perseverance and hard work. Millions of American youth are also counting on this possibility.
Remember, all kids count.