Millennials Earn 20% Less than Baby Boomers Did

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A study by non partisan, non profit research group called New America shows the median income is lower today than it was in the 1980’s for 18 to 34 year olds, in spite of higher levels of education. The rise in contract and freelance positions is contributing factor in these results. It helps to explain why 30 percent of Americans aged 15-30 say that they would like to immigrate to another country according to Gallup. Income doesn’t tell the full story of prosperity. One must also understand the cost of living, levels of debt and asset ownership to get the full picture. Unfortunately, when it comes to total wealth, Millennials are falling even further behind. People today aged 23 to 38 have 40% less wealth than people of the same age group in 1989. This puts future US economic health in question. The most vital working age group for the next several decades is not happy with their economic condition and do not see a future in the US. It’s a message to American business that its push to part-time its workforce and its push to degrade unions and the support they provide is having long term negative consequences. Source: https://www.cnbc.com/2019/11/05/millennials-earn-20-percent-less-than-boomersdespite-being-better-educated.html

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