Incomes of young in 8-year nose dive (Especially men)

[Liberal_in_LA]

Source: USA Today

The incomes of the young and middle-aged — especially men — have fallen off a cliff since 2000, leaving many age groups poorer than they were even in the 1970s, a USA TODAY analysis of new Census data found.

People 54 or younger are losing ground financially at an unprecedented rate in this recession, widening a gap between young and old that had been expanding for years.

While the young have lost ground, older people have grown more prosperous over the years and the decades. Older women have done best of all.

The dividing line between those getting richer or poorer: the year 1955. If you were born before that, you're part of a generation enjoying a four-decade run of historic income growth. Every generation after that is now sinking economically.

Household income for people in their peak earning years — between ages 45 and 54 — plunged $7,700 to $64,349 from 2000 through 2008, after adjusting for inflation. People in their 20s and 30s suffered similar drops. Older people enjoyed all the gains.

INCOME SHIFTS

Change in median income from 2000-08 (in 2008 dollars):
Age Men Women
15-24 -9.7% -3.3%
25-34 -11.7% -2.9%
35-44 -6.8% -0.8%
45-54 -11.2% -4.8%
55-64 -2.3% 20.6%
65-74 8% 8.7%
75+ 1.9% 3.5%

Source: Census Bureau

What caused the income gap:

• Waiting line for good jobs. Older people are working longer, crowding out young people from the best-paying jobs while boosting the incomes of older workers and seniors.

• Global competition. Low-income workers in other nations have pushed down wages in the USA. Newly hired workers — generally younger people — experience the wage decline first, says economist Dean Baker of the Economic Policy Institute, a liberal-leaning think tank.

• Golden age of retirement. Social Security and private pensions have elevated the incomes of retired people to record levels and reduced poverty among the elderly.


Read more: http://www.usatoday.com/news/nation/census/2009-09-17-young-people_N.htm?csp=24&RM_Exclude=Juno

[Suji to Seoul]

1. Bush's generation sees a 20.6% increase while their kids see 3% decrease

Talk about failed idealism of the boomer generation.

George Carlin was right:

"Another thing I'm sick of hearing about. The baby boomers. Whiny, narcissistic, self indulgent people with a simple philosophy: GIVE ME THAT, IT'S MINE!!! GIVE THAT IT'S MINE!!! These people were handed everything and they took it all. Sex drugs and rock and roll and that stay loaded for 30 years and a free ride. But now they are staring down the road of middle age burn out so they become self-righetous. They want to make harder on young people (like this article shows) and they say 'abstain from sex, say not to drugs.' And as for the rock and roll, they sold that a long time ago so they could buy stairmasters, and pasta machines and soy bean futures. They are a cold, bloodless people. It's in their slogans, it's in their rhetoric. 'No pain, no gain.' 'Just do it.' 'Life is short, play hard.' 'Shit happens, deal with it.' 'Get a life.' These people went from do your thing to just say no. They went from love is all you need to whomever winds up with the most toys wins. And they went from cocaine to rogaine. They're still counting grams only now it's fat grams. And the worst part about is the rest of us have to sit through commericals for Levi's loose fitting jeans and fat ass docker pants because these degenerate boomer cocksuckers couldn't keep the hands off the courssaints and the Haagen-Daas and their big fat asses have spread all over and they have to wear fat ass docker pants. Fuck these boomers, fuck these yuppies, and fuck everyone now that I think of it!"

Wow, he was right!

[Crabby Appleton]

3. The 20.6% is for women in that age range, men lost 2.3%

[spooky3]

6. and since in prior generations few women were working in that age range

or were working in low paying jobs, such as retail, the chances are that the 20% is just a reflection of that big contrast (it's easy to get a big increase over a lot of people earning $0 or $5000).

Basically everyone has lost ground individually except retirees who are protected by pensions that have since been changed for younger workers and by COLA in Social Security.

[Mari333]

4. oh yes, I am such a wealthy baby boomer

uh huh. I shop for groceries at Sav A Lot. I have my own garden. I have clothes I still wear from 1985. I take in unwanted animals and feed them and give them a home. I am driving the same car now for 11 yrs. I have used furniture. I help my 85 yr old mother out with her groceries and meds. I use only ONE light at night to save electricity. My vacation is a book.
George was wealthier then me. By a longshot.

[Uben]

2. Eight years?

What happened eight years ago to cause such a tragic outcome?


DUH!

[IDFbunny]

7. It's not all bad

the gender gap is at least getting closer to even.

[raccoon]

5. And people over 54 aren't doing too great, either. nt