For Americans under the age of 40, the 21st century has resembled one long recession.
I realize that may sound like an exaggeration, given that the economy has now been growing for almost a decade. But the truth is that younger Americans have not benefited much.
Look at incomes, for starters. People between the ages of 25 and 34 were earning slightly less in 2017 than people in that same age group had been in 2000….
The old are getting richer, and the young are getting poorer: Over the past three decades, the net worth of the 65+ age group has risen more than 60%. The net worth of the under-45 age group has fallen more than 30%. https://t.co/Dy6nDstoAf pic.twitter.com/jBF2VolFVw
— David Leonhardt (@DLeonhardt) January 28, 2019