Former Minnesota Attorney General Skip Humphrey Joins the Consumer Financial Protection Bureau as Head of the Office of Older Americans

I grew up in a household where it wasn’t enough to just have a point of view. My parents taught me that if I had a problem, I needed to do something about it. Here at the Office of Older Americans, we’ll be embracing this do-something attitude from day one.

(image courtesy of AARP)
Millennials are poorer than our parents and grandparents, but Washington keeps transferring our wealth away

from hipsterlibertarian

A report

from the U.S. Census Bureau indicates that Millennials’ median income is a whopping

$2,000 less

per year than what our parents were earning at the same age once adjusted for inflation.

Saddled with a lousy jobs market and wildly disproportionate college costs, young people today are increasingly likely to live at home and delay milestones like getting married or buying a house because we just can’t afford it.

Meanwhile, older generations are comparatively better off than ever: “In 1984, American breadwinners who were sixty-five and over made ten times as much as those under thirty-five. The year Obama took office, older Americans made almost forty-seven times as much as the younger generation.” Indeed, the “differences in wealth between the young and older Americans [are] the greatest on record.”

And yet Washington is busily sucking away what little prosperity Millennials have. On top of sticking young people with the bill for trillions that were spent before we were even born, our government uses programs like Social Security and Obamacare to redistribute money from the (generally) young and poor to the (generally) old and wealthy.

(Also interesting in the Census data: one of the very few places that’s seen a significant rise in income for young people over the last 30 years is Washington, D.C. and its surrounding counties—an area that is notoriously wealthy thanks to plush government jobs.)

As I wrote last year, no matter how hard we work, Millennials simply don’t have the economic advantages our parents and grandparents did. We don’t begrudge our elders those benefits, but we would like the opportunity to build the kind of success they did. And we can’t do that when we’re paying hundreds upon hundreds of dollars every month to subsidize our parents’ and grandparents’ far more ample incomes.