You’re probably going to be poor

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http://www.rawstory.com/2015/07/youre-probably-going-to-be-poor/



Job seekers check out opportunities at a jobs fair in Chicago

You’re probably going to be poor
Newsweek
25 Jul 2015 at 08:57 ET

College undergraduates—even those headed into lucrative fields like computer engineering, consulting and finance—often live in mortal anxiety over the possibility of being poor. According to a study published this week, their fears might be well founded. Around 60 percent of people between 25 and 60 will fall into the 20th percentile of incomes at some point in their lifetime, while 40 percent will dip below the 10th percentile line, according to Mark Rank, a professor of social welfare at the University of Washington, St. Louis.

The findings suggest that for many Americans, a steady income and a stable career trajectory are not necessarily the norm. Using data from households collected between 1968 and 2011, Rank finds that over the course of a lifetime, Americans' economic situations can shift drastically. In a previous study published in his book Chasing the American Dream, Rank found that a striking 54 percent of Americans at one point fell below the U.S. poverty line.

“Taken together,” Rank said in a Washington University press release, “These findings indicate that across the American life course there is a large amount of income volatility.” In other words, when it comes to going through hard times, the question may not be “if,” but rather “for how long?” While 60 percent of people will experience poverty for at least a year, the new study says, around 25 percent are likely to experience five or more years of poverty, while about 12 percent are likely to go through five years of extreme poverty.

“Poverty is often thought of as a ‘them’ issue,” says Rank. “What these findings indicate is that poverty is an ‘us’ issue. It’s something that many of us, not just some, should be concerned about.”