Posted on 05/26/2007 4:19:44 PM PDT by ConservativeStatement
American men in their 30s today are worse off financially than their fathers' generation, a reversal from just a decade ago, when sons generally were better off than their fathers, a new study finds.
The study, the first in a series on economic mobility undertaken by several prominent think tanks, also says the typical American family's income has lagged far behind productivity growth since 2000, a departure from most of the post-World War II period.
The findings suggest "the up escalator that has historically ensured that each generation would do better than the last may not be working very well," says the study, which was scheduled for release Friday.
The study was written principally by John Morton of the Pew Charitable Trusts, which is leading the series, called the Economic Mobility Project, and Isabel Sawhill of the Brookings Institution. Others participating are the Heritage Foundation, American Enterprise Institute and the Urban Institute.
(Excerpt) Read more at stltoday.com ...
It’ll be ok.
I don’t know where you live or what’s up with your friends.
I live in Texas and I am far from affluent, but just reporting what I observe from my children, their friends, people in my church in that age group.
People you describe with degrees and jobs in high paying fields should be doing well.
I’m not calling your post BS; obviously you believe what you are saying and, anyway, I’m trying not to be rude.
True.
Is that before or after the child support payments?
wife’s??!!
The worst is still to come in another ten years when the crush of retirees collecting Social Security and Medicare gets added to my tax bill. About a quarter of the people I work with have less than 5 years until they are eligible to retire, anther quarter in ten years. A lot of these folks are coasting along, riding it out until they retire with fat pension funds and fat 401Ks and everyone of them “entitled” to social security. My generation won’t have any chance once they start picking our pockets to subsidize their retirements.
It might be revealing to know how much debt and savings the young folks around you have. My circle of friends is mostly from church and they seem to be aware and capable with money and do not carry much in the way of debt. We see a lot of people overextended between mortgages, car payments and credit cards. Unfortunately their debts will likely last longer than shoddy materials and workmanship in the houses they overextend themselves to buy.
I turned 30 this year and I make more than my father did at this age, by a pretty good margin (adjusted for inflation too), however I am no where near what he made in his late 50’s.
Inflation adjusted, I’ll never catch up with what my dad has earned. And I am at least a grade higher in terms of where I am on the corporate ladder.
You need to start pushing back.
Many people despise blue collar work. One of the biggest issues I had was either go to college because of the pressure to be seen as educated or start my own business. I took 1 quarter and realized if I put the same money and energy into my business as I would into college, in five years I would be way better off.
I was right.
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