Earlier quoted context omitted.
The problem with your statement is that many people did and continue to do exactly what was stated going from rags to riches. Elon Musk is probably the most well known example. Now one of the most influential business and technological leaders in this nation, he immigrated from South Africa with little more than to rely on than his ability, motivation, and work ethic. A soft spoken immigrant with a slight speech impe…
Elon Musk is the exception used to sell you the american dream.
I used to be more aligned with what you're saying. An eye opening paper for me was this [2]. I ran into that when actually searching information on the chiseling out of the middle class. And that paper does describe that. In 1979 the middle class controlled 46% of all income, and the upper/rich classes controlled 30%. Today (well at least today as of 2014) the rich and upper class control 63% with the middle class left with 26%. There's even been a chiseling out of the middle class as a whole declining from 38.8% of society to 32% of society.
But the eye opener is this. This is the change in the size of each economic group between 1979 and 2014:
- Rich: 0.1% -> 1.8%
- Upper Middle Class: 12.9% -> 29.4%
- Middle Class: 38.8% -> 32%
- Lower Middle Class: 23.9% -> 17.1%
- Poor or Near-Poor: 24.3% -> 19.8%
If you're concerned that partisan bias may be tilting those numbers (as such figures are certainly subject to a variety of different interpretations), wiki has a section on the political stance of the Urban Institute [3]. Beyond that, that paper is quite readable and their methodology very transparent. It's extremely eye opening.
[1] - https://www.fa-mag.com/news/most-millionaires-self-made--stu...
[2] - https://www.urban.org/research/publication/growing-size-and-...
[3] - https://en.wikipedia.org/wiki/Urban_Institute#Political_stan...