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51% of 30 year olds make more than their parents did at 30;down from 92% in 1970
Posted on 12/9/16 at 6:44 am
Posted on 12/9/16 at 6:44 am
LINK
Even if we acknowledge the faults of this study, I don't think it is race that will be the primary issue in this country in the coming years...it will be class.
quote:
Economists and sociologists from Stanford, Harvard and the University of California set out to measure the strength of what they define as the American Dream, and found the dream was fading. They identified the income of 30-year-olds starting in 1970, using tax and census data, and compared it with the earnings of their parents when they were about the same age.
In 1970, 92% of American 30-year-olds earned more than their parents did at a similar age, they found. In 2014, that number fell to 51%.
quote:
Reversing the trend will be very difficult, the economists found. If income distribution remains as tilted toward the wealthy as it is now, they calculate, it would take sustained growth of more than 6% a year, adjusted for inflation, to return to an era where nearly all children outearned their parents. Since World War II, the U.S. hasn’t experienced anything near that level of growth for a lengthy period of time.
Even growing at 3.8% annually—about what Donald Trump pledges to produce as president—would only increase the percentage of children able to outearn their parents to 62% from 51%. Many economists are skeptical that the U.S. can grow anywhere near that level and is more likely to grow at around 2% a year.
Even if we acknowledge the faults of this study, I don't think it is race that will be the primary issue in this country in the coming years...it will be class.
This post was edited on 12/9/16 at 6:48 am
28
Posted on 12/9/16 at 6:45 am to GetCocky11
Barrack been doin' work, bitches!!!
Posted on 12/9/16 at 6:48 am to GetCocky11
#BlametheBoomers
Posted on 12/9/16 at 6:51 am to GetCocky11
I'd say it's attributed to post-secondary education.
Posted on 12/9/16 at 6:56 am to ThatMakesSense
And how many 30 yr olds don't have jobs compared to their parents?
Posted on 12/9/16 at 7:01 am to GetCocky11
I don't know if this statistic tells the whole story. I mean you can't have constant upward mobility. Everyone would end up the freakin king and queen of England.
Is the middle class shrinking? That's about all I care about. I hate this idea that only a select few have all the wealth as if I'd have part of it if they didn't. You have to have concentrated wealth to have large scale investments in the private sector.
Is the middle class shrinking? That's about all I care about. I hate this idea that only a select few have all the wealth as if I'd have part of it if they didn't. You have to have concentrated wealth to have large scale investments in the private sector.
Posted on 12/9/16 at 7:01 am to real
Being jobless wouldn't affect the results. Though, I'd wager more are jobless in 2010 compared to 1970.
Posted on 12/9/16 at 7:10 am to KG6
quote:
Is the middle class shrinking?
Yes, the article touches on that subject. A large part of what was the middle class, house holds in their 30's, aren't making out of lower income classifications.
The wealth disparity (when compared to the 70's) leaves more people in the upper class and most in the lower class with few in the middle.
Posted on 12/9/16 at 7:11 am to GetCocky11
shite, 30 is just getting into the work force for some people these days, after an extended undergrad and then the obligatory Master's degree.
Posted on 12/9/16 at 7:14 am to LSUBoo
quote:
shite, 30 is just getting into the work force for some people these days, after an extended undergrad and then the obligatory Master's degree.
The market seems to be demanding that, no?
salary - $35K/year
qualifications - master's degree in related field and 5+ years work experience in related field.
Posted on 12/9/16 at 7:14 am to GetCocky11
Globalization of the economy at work. To have expected a different result would have been foolish. No politician can bring back the bulk of those gone high wage jobs without drastically changing our present international trade agreements. The collateral economic damage from new protectionist policies would offset any potential gains in domestic employment not to mention the sticky little wicket of our status as a debtor nation which horribly complicates the equation and makes our present options pretty much to continue in the path we are on at present.
tl/dr: Done deal, ain't changing, get used to it and prepare for this trend to continue.
tl/dr: Done deal, ain't changing, get used to it and prepare for this trend to continue.
This post was edited on 12/9/16 at 7:16 am
Posted on 12/9/16 at 7:17 am to stewie
quote:
The market seems to be demanding that, no?
I guess it depends on the profession.
My field had no demand for it. The only reason to get a Master's in my field is if you got an undergrad in something else, or want to be a professor.
Posted on 12/9/16 at 7:19 am to soccerfüt
quote:
not to mention the sticky little wicket of our status as a debtor nation which horribly complicates the equation
The federal government has virtually always been a debtor nation.
Whether to have a rolling debt or not has been an issue since the constitutional convention.
Posted on 12/9/16 at 7:20 am to soccerfüt
quote:
Done deal, ain't changing, get used to it and prepare for this trend to continue
And this is where I agree more money needs to be spent on education.
If job markets are demanding higher educated employees, they ought to be taught something fricking worthwhile. Wasting 1-2 years on general requirement courses is a sham. Should have learned that in HS. Should colleges have stricter admission policies? When I went to LSU, all you needed was a 2.7 GPA a 19 on your ACT..is that really the calibre of students that LSU wants?
Posted on 12/9/16 at 7:23 am to LSUBoo
quote:
shite, 30 is just getting into the work force for some people these days
This is true. At 30, I've been in my job for 6 years (late starter who went to college on the extended time line plan). My parents ad been working from 8-12 years by that time. Also, I vividly remember my parents turning 30 (I was 5 or 6). They just got started faster. Now I make mare than them at 30, so I'm on the "good side" of the statistics, but can see how it would be different now.
This post was edited on 12/9/16 at 7:51 am
Posted on 12/9/16 at 7:25 am to LSUBoo
I was implying the markets (as a whole) are looking for more qualified candidates than in the 70s.
Today, a high school graduate with no college degree will have a much harder time finding a job (much less a career) that can pay for two car notes, a house note, and a substantive lifestyle than in the 70's.
Today, a high school graduate with no college degree will have a much harder time finding a job (much less a career) that can pay for two car notes, a house note, and a substantive lifestyle than in the 70's.
This post was edited on 12/9/16 at 7:26 am
Posted on 12/9/16 at 7:27 am to ThatMakesSense
I don't now what everyone else is doing, but me and probably 9 of my 10 close friends are in that 51% very easily. And the only reason the 10th one isn't is B/c he's being groomed to take over the family buisness, which he will soon.
How can you not make more than your parents did at 30? Hell I make a good bit more than my parents do now, and that's the same for 8 of those 10 friends.
How can you not make more than your parents did at 30? Hell I make a good bit more than my parents do now, and that's the same for 8 of those 10 friends.
Posted on 12/9/16 at 7:34 am to TeddyPadillac
Good for you.
Posted on 12/9/16 at 7:35 am to TeddyPadillac
quote:
How can you not make more than your parents did at 30?
Adjust that number to catch up with inflation.
The other day, I had an employee tell me how tough he had it when he first started out in 1984. He stated that his income was $19.5K and that I couldn't imagine living on that limited income.
Today, when adjusted for inflation, that's nearly $44K/year.
I laughed and said, that's a pretty decent starting salary for someone with a college degree in today's society, much less a high school drop out.
Posted on 12/9/16 at 7:40 am to GetCocky11
That Downward sloping graph could also represent the % of hours that 30 year olds are willing to work (then vs now).
People be lazy.
People be lazy.
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