A core tenet of the American ethos is that there is considerable economic mobility. Americans seem willing to accept vast financial inequalities as long as they believe that everyone has the opportunity to succeed. We examined whether people’s beliefs about the amount of economic mobility in the contemporary United States conform to reality. We found that (a) people believe there is more upward mobility than downward mobility; (b) people overestimate the amount of upward mobility and underestimate the amount of downward mobility; (c) poorer individuals believe there is more mobility than richer individuals; and (d) political affiliation influences perceptions of economic mobility, with conservatives believing that the economic system is more dynamic—with more people moving both up and down the income distribution—than liberals do. We discuss how these findings can shed light on the intensity and nature of political debate in the United States on economic inequality and opportunity.
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