While the American Dream remains a unifying cultural tenet for an increasingly diverse society, it may be showing signs of wear. Growing income inequality and slower growth suggest that now is an important moment to review the facts about opportunity and mobility in America and to attempt to answer the basic question: Is the American Dream alive and well? This report summarizes research and provides new evidence on both the extent of intergenerational mobility in the United States and the factors that influence it. In sum, the research reviewed herein leads us to the view that the glass is half empty and half full. The American Dream is alive if somewhat frayed. Chapter I of this report provides new data on how today's families are faring relative to their parents. Most of the historical analysis, detailed in Chapter II, reveals that there has been no strong trend in relative mobility since about 1970, although a few studies suggest that relative mobility may have declined. The