Millennials Are Doing Better than You Probably Think
==========
According to a study by Kevin Corinth and Jeff Larrimore, incomes rose across the board for each generation in aggregate, but the rate of growth slowed down for Gen X and Millennials. Silent Generation’s incomes grew 34 percent vs. Greatest Baby Boomers +27 percent over Silent Gen X + 16 percent over Boomers Millennials +18 percent over Gen X. The slowdown was more pronounced for market income than when including government taxes and transfers. Millennials in their late 30s were still 14 percent better off than Gen Xers at the same age. The slowdown in income growth for Gen X and Millennials is attributed to stagnating work hours and flattening female labor supply around 2000. The perception of worsening outcomes for Millennials may stem from fallacies about parents and college. Higher household incomes of Millennials relative to Generation X, through their 20s, is a result of dependence on their parents rather than a rise in their own market incomes. By age 31, less than 10 percent of Millennials are still dependent on their parents and by then their own market incomes exceed that of previous generations. The rising cost of college offsets only a small portion of the income gains achieved by Millennials, especially when accounting for the growing generosity of financial aid.
#IncomeGrowth #EconomicMobility #Millennials
https://www.aei.org/economics/millennials-are-doing-better-than-you-probably-think/
American Enterprise Institute /
npub14z…4fwd3
2024-02-12 21:44:14
Author Public Key
npub14zq8m4ucx6nteqtxp2d3m8z3tqa2hkcwh4rm96lde0cx2cjwlh9s94fwd3Seen on
wss://relay.nostr.band/allPublished at
2024-02-12 21:44:14Event JSON
{
"id": "93b554d07dcc07ef2786f150d12f0a941a14e0a7c72de601117e75d844c36147",
"pubkey": "a8807dd79836a6bc81660a9b1d9c51583aabdb0ebd47b2ebedcbf065624efdcb",
"created_at": 1707774254,
"kind": 1,
"tags": [],
"content": "Millennials Are Doing Better than You Probably Think\n==========\n\nAccording to a study by Kevin Corinth and Jeff Larrimore, incomes rose across the board for each generation in aggregate, but the rate of growth slowed down for Gen X and Millennials. Silent Generation’s incomes grew 34 percent vs. Greatest Baby Boomers +27 percent over Silent Gen X + 16 percent over Boomers Millennials +18 percent over Gen X. The slowdown was more pronounced for market income than when including government taxes and transfers. Millennials in their late 30s were still 14 percent better off than Gen Xers at the same age. The slowdown in income growth for Gen X and Millennials is attributed to stagnating work hours and flattening female labor supply around 2000. The perception of worsening outcomes for Millennials may stem from fallacies about parents and college. Higher household incomes of Millennials relative to Generation X, through their 20s, is a result of dependence on their parents rather than a rise in their own market incomes. By age 31, less than 10 percent of Millennials are still dependent on their parents and by then their own market incomes exceed that of previous generations. The rising cost of college offsets only a small portion of the income gains achieved by Millennials, especially when accounting for the growing generosity of financial aid.\n\n#IncomeGrowth #EconomicMobility #Millennials\n\nhttps://www.aei.org/economics/millennials-are-doing-better-than-you-probably-think/",
"sig": "3d47f093e84250973f8067db7acb6a2bebb82a70333bf3b5bfeebb533a5cea658b930a91c7cdde51d77c72860a8dbcb306d27013146f2c2bef5d6fc0fdb8ea1a"
}