Below is data which supports what I’ve long suspected – that my children are not positioned to make more money over their lifetime than I am. My generation is the last to achieve that part of the American Dream.
From The American Dream, Quantified at Last, by NYT op-ed columnist David Leonhardt, the average American born in 1940 (which would refer to my parents and other early Baby Boomers) was 92% likely to earn more than his or her parents. Today, the average American born in 1980 is only 50% likely. My expectation is that children born in the ’90’s (which would be my children) are even less likely.
If you read the column, also check out the comments. One in particular struck me: For young people, being debt-free is the “new wealthy.”