Only half of 30-year-olds earn more than their parents did at the same age

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New research shows that only half of 30-year-olds make more money than their parents did at the same age, compared to results of a 1970 study which showed that 92 percent of the same group earned more than their parents.

The study, co-authored by economists and psychologists from Harvard, Stanford and UC Berkeley, shows that children born in recent decades have a significantly smaller chance of outearning their parents.

Fox Business Network contributor Adam Shapiro joined Melissa Francis Friday on "America's News HQ" to discuss this new trend, saying the American dream is essentially dead.

"The harsh reality is that wages for people in the middle class have been stagnant and have not been growing in real terms...for 30, almost 40 years," Shapiro said.

Shapiro attributed this stark change to two factors: income inequality in the U.S. and a lack of community atmosphere among some demographic groups that tend to fall behind economically.

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