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The Rags to Rich's Story
The idea that poor immigrants who arrived back then rose up quickly and showed up with 50 cents in their pocket is wrong. Half of the immigrants from europe to the us, around 19 hundred, were actually already doing quite well when they arrived. And these would be immigrants from germany, or from england or scotland. There were no rags for them to rise from. The other half of immigrants from Europe did start out poor, and those immigrants did achieve some level of upward mobility over their own lifetime. But the pace of upward mobility was pretty slow, and actually no different from the pace of downward mobility for immigrants to day.