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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBarely Half of 30-Year-Olds Earn More Than Their Parents
Barely Half of 30-Year-Olds Earn More Than Their ParentsBob Davis
Wall Street Journal
The paper doesnt provide specific reasons for the declining fortunes of younger Americans, but it generally blames the slowdown in economic growth and, especially, the widening income gap between the wealthy and the rest of society.
Reversing the trend will be very difficult, the economists found. If income distribution remains as tilted toward the wealthy as it is now, they calculate, it would take sustained growth of more than 6% a year, adjusted for inflation, to return to an era where nearly all children outearned their parents. Since World War II, the U.S. hasnt experienced anything near that level of growth for a lengthy period of time.
Sherman A1
(38,958 posts)but a truly sad commentary on the state of things.
ProfessorGAC
(64,413 posts)I did not immediately infer they meant at a similar age. At first, i was thinking, is that all that unusual. A 30 year old with 55 year parents probably wouldn't make as much. Then, in the snip i see it means when the parents were 30.
Well, yeah, that is a problem. it means the kids are way behind the inflationary curve.
HughBeaumont
(24,461 posts)Just makes you want to confront any worker who voted for this cock and say WHAT THE HELL IS WRONG WITH YOU PEOPLE??
Oneironaut
(5,461 posts)We'll see how Trumpsters like it when their iPhones are $2000, their internet costs $500 / month, and many items once available to them are now simply unaffordable.
This is going to be a bumper 4 years for 1% of the population. The middle class will be fleeced, and the poor will find themselves being priced out of existence.
cbdo2007
(9,213 posts)goods and services are both more expensive than they were when their parents were younger, so not only are they not making as much money, but the things they are buying are more expensive and there is more pressure to buy the latest gadgets than to spend/save more wisely.
LWolf
(46,179 posts)there is my oldest son, who was making more money than I the year after he declined to finish college and took a retail job. One year, and he made more money than I after 20 years.
I'm a teacher.
Of course, when his job crashed with the economy in '08, he went back to school. He's now...a teacher. He teaches English at his local CC.
ProfessorGAC
(64,413 posts)I think that's cool! Only reason i chimed in.