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The Flying McCoys by Glenn McCoy and Gary McCoy for December 06, 2019
December 05, 2019
December 07, 2019
More From The Flying McCoys
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.”
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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?