In America, economic rewards from our current systems largely and increasingly go to older households.
Americans under 35 (almost half the population) had *median* net worth of $11,500 in 1984, but only $6,900 in 2017.
Americans 65+ (13%): $120,000 in 1984 --> $202,950 in 2017.
Americans under 35 (almost half the population) had *median* net worth of $11,500 in 1984, but only $6,900 in 2017.
Americans 65+ (13%): $120,000 in 1984 --> $202,950 in 2017.
Filter this again by wealth percentile and you'll find two things:
1. More young Americans are poor now than at any time than since the Great Depression.
2. The wealthiest 10% of Americans over 65 have seized a historically unprecedented share of our society's total wealth.
1. More young Americans are poor now than at any time than since the Great Depression.
2. The wealthiest 10% of Americans over 65 have seized a historically unprecedented share of our society's total wealth.
There are serious climate politics implications in these numbers, of course—particularly in how resistant older voters and donors are to real change.
Disparities are true for income. Young families make less, have less and pay more proportionally in debt/taxes than older people did/do.
"These vastly different economic trajectories experienced by today’s living generations are basically unprecedented."
washingtonmonthly.com/magazine/junej…
"These vastly different economic trajectories experienced by today’s living generations are basically unprecedented."
washingtonmonthly.com/magazine/junej…
And all of this doesn't even scratch the surface of the gargantuan costs being imposed on young people by the continuation of unsustainable systems, the swelling of public debt for tax cuts, and failures to invest in future needs, from infrastructure to education.
