That’s how much it costs to live the dream that Madison Avenue and Hollywood and Wall Street have sold everyone on.
Articles from “The Hill” are (and should be) automatically suspect. For example:
1. American Dream estimated cost: ≈$3.47 million/lifetime
2. Working life (67 (retire) - 22 (graduate college)): 45 years
$3.47 million/45 years ≈ $77 thousand/year. Not an absolutely astronomical unobtainable amount even if there is only a single wage earner in the family.
While the recent college graduate may not make $77k/year initially, it is not unreasonable to expect a long career where salary is at or north of $75k/annum.
$2.3 million (estimated college graduate lifetime earnings)/45 years ≈ $52 thousand/year.
40 hr/week x 48 weeks = 1920 hr.
$52,000/1920 ≈ $27.00/hour.
$52k/year is NOT a lifetime average wage for a college graduate.