Study: Today’s young people poorer than most
By Ana Swanson, Washington Post
What are your odds of being a millionaire, do you think? One in 10? One in 50? One in 100?
If you’re over 62, your odds of having at least $1 million in net wealth (your total assets minus your total debt) are relatively achievable — about 1 in 7. But if you are under 40, your odds are low: 1 in 55.
In the last 25 years, the odds that an old person is a millionaire have improved slightly. But for young people, they have gotten much worse.
These figures come from a new paper by economists at the St. Louis Fed’s Center for Household Financial Stability, which shows evidence of a growing wealth gap that few people are talking about — the gap between the young and the old.
Gee, they must all be laze-crazed malingerers who want the gub’mint to re-appropriate the stolen trillions they’ve shuffled to corporations via trade agreements and tax loopholes so they don’t have to trade their foodstamps for Snowglobe tickets or grovel for part-time minimum wage jobs whilst their single-moms eat gmo Round-up! flavored doritos and spam as they squirt out more welfare babies just like them onto New Eco-friendly saturated pampers(you can tell because they have an earth graphic AND a smiley face on the butt) and smoke drugs smuggled by illegals with calves like cantaloupes before they head to wal-mart to stock up on pepsi, Vicodan and American flags made in Vietnam as they decide whether to vote for Donald, Jeb or Hillary.
Ooops, er, uh…I mean “…Intersting article…I guess ‘some people are just born lucky”
I guess I made my coffee a bit strong this morning.
Hmmm I don’t always agree with you. I think I had the same coffee this morning.
County Gal…you do realize that I was using ironic parody to skewer the White-wing Right-wing Cannibal-capitalism arguments where they intentionally avoid placing any responsibility for our economic and cultural mess on Trickle-On SuperPac funded Gangrene Politicians and their bought Supreme Court, right?
Or did you think I was serious?
I hope you had as much sweetener in your coffee as I did.
Hmmmm, well said. I swear I was thinking the same thing :)
Under 40 would be about 1975 or later. Interesting that the Baby Boom ended about 7 years earlier.
Since most Boomers purchased homes from the period, makes sense because the largest asset most Americans have is their home.
The article mentions the income gap and does say, “In just 25 years, the wealth gap between young and old people has yawned wider. In 1989, old families had 7.6 times as much median wealth as young families. By 2013, it had grown to 14.7 times. According to the economists’ calculations, someone born in 1970 has a quarter less income and 40 percent less wealth than an identical person born in 1940.”
Some people are just born lucky indeed.