At least half of older millennials aren’t getting a taste of the American Dream
Right now roughly half of 30-year-olds make more money than their parents did when they were the same age, according to a December paper on social mobility. A separate study from the Guardian published in March found that Americans under 30 are already poorer than retirees — despite the fact that they’re working.
There are two main reasons that Americans born in the 1980s face higher hurdles than their parents, the researchers found.
- The first is that throughout much of the 20th century, the U.S. economy grew a lot faster than it has in more recent years, as millennials have come of age.
- The second reason has to do with inequality in the way gains have been distributed among Americans. Growth alone to restore economic mobility, gross domestic product would have to increase by more than 6% each year, more than double the rate it grew in the past year.
Millennials inherited a vastly wider wage gap between the rich and poor
A separate study released on Tuesday also found that income inequality has grown far faster than previously thought: In fact, half of the country has seen stagnant wages since 1980, while the wealthiest Americans have seen incomes skyrocket.In the last 3 ½ decades, the gap between what the richest 1% makes and what the bottom 50% earns has grown nearly threefold.
Globally, young people are increasingly subsidizing the elderly
Call it a thank you, despite the economic lot they’ve inherited: Across the globe, millennials are increasingly likelier than previous generations to pass financial resources to older groups — beyond what they receive. Read more