Millennials are falling behind their boomer parents, AP, 1/13/17

[progree]

selected excerpts...

With a median household income of $40,581, millennials earn 20 percent less than boomers did at the same stage of life, despite being better educated, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles.

Their home ownership rate is lower, while their student debt is drastically higher.

The analysis of the Fed data shows the extent of the decline. It compared 25 to 34 year-olds in 2013, the most recent year available, to the same age group in 1989 after adjusting for inflation.

The median net worth of millennials is $10,090, 56 percent less than it was for boomers.

This decline has occurred even though younger Americans are increasingly college-educated. The proportion of 25 to 29 year-olds with a college degree has risen to 35.6 percent in 2015 from 23.2 percent in 1990, a report this month by the Brookings Institution noted.

More: http://finance.yahoo.com/news/millennials-falling-behind-boomer-parents-080144745.html

[DK504]

1. This was predicted 30 years ago

after the great Reagan "revolution', economists predicted the falling of wages. They could see that Regan was going to rip our country apart with his great ideas. The anti Medicare B actor, played with monkey and that's was his biggest success.

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2. Trends in Family Wealth, 1989 to 2013, CBO, August 2016

https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51846-Family_Wealth.pdf

The analysis for this report used data from the Survey of Consumer Finances, a triennial survey of U.S. families
sponsored by the Board of Governors of the Federal Reserve System in cooperation with the Department of the
Treasury. In some places, those data were supplemented with information from Forbes magazine’s list of the nation’s
wealthiest 400 people.

Unless otherwise specified, all dollar amounts are reported in thousands of 2013 dollars. Family wealth over time is
adjusted for inflation using the price index for personal consumption expenditures as calculated by the Bureau of
Economic Analysis.

As far as income:

(1) See the Appendix: Data, Measures of Wealth, and Previous Analyses of Income

(2) In the past, CBO has examined trends in the distribution of income. See for example, Congressional Budget Office, The Distribution of Household Income and Federal Taxes, 2013 (June 2016), pp. 21–24, http://www.cbo.gov/publication/51361 .

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In case anyone wants to dig into this. Its the same Survey of Consumer Finances that is the source of much of the report in the OP.

[progree]

3. Another DU discussion of this report, in Latest Breaking News

http://www.democraticunderground.com/10141664914