In his State of the Union message last January, President Barack Obama declared, "Inequality has deepened. Upward mobility has stalled." The president believes that rising income inequality in the United States has slowed intergenerational income mobility, the movement of individuals and families up or down the income ladder over time. The implication is that not only are the rich and their children getting richer, the poor and their children are staying poorer. Reason Science Correspondent Ronald Bailey analyzes and reports a new study that shows that the president is wrong.