The Taking of Millennial Wealth By Rich White Boomers

[LiberalArkie]

Ten years after the recession, most Americans, including Baby Boomers, are still struggling with finances. The Wall Street Journal, cheerleader for capitalist-driven recoveries, noted that Millennials, Gen-Xers, and Boomers are all still poorer than in 2007. But the incredible prosperity of about 10% of the Boomers is beyond dispute, as the numbers below will show. Most of those lucky people are older white males.

In the past eight years, the 1% gained $6.75 million each, the 2-10% gained $700,000 each, and the poorest 50% of American adults LOST an average of $3,000 each. The bottom 50%, which includes most of the indebted Millennials, saw their average net worth fall to about $8,000. That's the average wealth of people in many developing nations. Part of the reason is the refusal by employers to pay a living wage. The wages of America's poorest 50% have remained stagnant since the recession, continuing a 40 year trend.


Most Millennials Have No Net Worth — or Worse

According to a Young Invincibles report, young adults who graduated college with student debt now have a median net worth of NEGATIVE $1,900. The College Investor calculates that the averageMillennial net worth for the Classes of 2010-17 runs into the NEGATIVE tens of thousands of dollars.

More

https://www.alternet.org/taking-millennial-wealth-rich-white-boomers

[manor321]

1. If only

If only millenials had some option where they could, say, influence government at regularly scheduled intervals.

[Crutchez_CuiBono]

2. Remember how crazy the gop was under Obama with the

calls for, "Unfair redistribution of wealth?" They were pissed bc they've been doing it for centuries....dollar by dollar...taking from the poor. Took longer, but, they got everyones wealth now. Now what?

[msongs]

3. shocking! ppl who have lived 65 yrs have more $$ than people who are only 25! nt