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Back in 1989, when boomers were between 25 and 43, they already owned 20.9% of the country’s wealth, according to data from the Federal Reserve updated earlier this month.
In 2019, millennials are between 23 and 38, and they currently own a whopping 3.2% of wealth.
That means boomers had more than six times as much wealth in 1989 as millennials do now.
“I definitely think millennials have a bunch to be uniquely annoyed about,” said Josh Bivens, research director at the Economic Policy Institute. “Lots of them graduated into a horrible labor market, and they’ve probably been very stunted in their ability to get on the treadmill of earning enough to actually save anything.”
~
The generational wealth gap has been trending toward young people having less for the last 30 years, the Fed’s data shows.
But even Gen X, that little generation between millennials and boomers that will never be president and loved Nirvana cassette tapes, was better off.
In 2001, when they were between 22 and 36, Gen Xers had 5.7% of the country’s wealth, nearly twice millennials’ share in 2019, even though Gen X is markedly smaller than the millennial generation.
Young people know they’ve been screwed, and, increasingly, they’re not holding back on yelling at the olds about it.
Undeterred that the olds don’t like having the phrase “ok boomer” leveled at them, they’re using it slander those politicians who aren’t taking their concerns seriously.
dlkrueger33 about 5 years ago
Cue Aretha Franklin’s “R…E…S…P…E…C…T”
rhpii about 5 years ago
Okay you, straight to your basement room and stay there until you are 30.
Norris66 about 5 years ago
Zen-of-Zinfandel about 5 years ago
Hang loose…Daddy-O.
joefearsnothing about 5 years ago
I don’t get this one at all! Might be my age! ;o[
dsom8 about 5 years ago
Any boomers still having babies today would be quite the surprise. Maybe the little tyke should have said, “Ok Millennial.”
Silly Season about 5 years ago
Back in 1989, when boomers were between 25 and 43, they already owned 20.9% of the country’s wealth, according to data from the Federal Reserve updated earlier this month.
In 2019, millennials are between 23 and 38, and they currently own a whopping 3.2% of wealth.
That means boomers had more than six times as much wealth in 1989 as millennials do now.
“I definitely think millennials have a bunch to be uniquely annoyed about,” said Josh Bivens, research director at the Economic Policy Institute. “Lots of them graduated into a horrible labor market, and they’ve probably been very stunted in their ability to get on the treadmill of earning enough to actually save anything.”
~
The generational wealth gap has been trending toward young people having less for the last 30 years, the Fed’s data shows.
But even Gen X, that little generation between millennials and boomers that will never be president and loved Nirvana cassette tapes, was better off.
In 2001, when they were between 22 and 36, Gen Xers had 5.7% of the country’s wealth, nearly twice millennials’ share in 2019, even though Gen X is markedly smaller than the millennial generation.
Young people know they’ve been screwed, and, increasingly, they’re not holding back on yelling at the olds about it.
Undeterred that the olds don’t like having the phrase “ok boomer” leveled at them, they’re using it slander those politicians who aren’t taking their concerns seriously.
https://www.vice.com/en_us/article/zmjpn4/millennials-have-a-right-to-be-pissed-at-boomers-this-data-proves-it?
SemperFiMac about 5 years ago
@Silly Season — Awww, somebody has discovered that life is not fair. My, my.
Plods with ...™ about 5 years ago
…right after he loaded his pants.
cuzinron47 about 5 years ago
He probably thought you just did a boomer.