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More (not so) fun facts:
54% of American adults read below a 6th grade level.
21% read below a 5th grade level, which is considered functionally illiterate.
High immigration numbers don't fully explain it either, as first gen immigrants only make up about 1/3 of those with low literacy.
Ooh, I kind of forgot about the madness of schools being funded mainly by their local neighborhood, making schools in poor neighbourhoods poor. Could it be that increased segregation or relative marginalization have had an impact significant enough to bring the mean down?