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Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
11–20 of 394 posts
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#12Compound that with the percentage of income 30 year olds spend on housing, education, health care and child care compared to their parents and we have a recipe for disaster.
Price per square foot for housing has remained remarkably constant over time. People are spending more on houses than they used to because they are buying bigger houses.
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#13Is this in inflation adjusted dollars? Maybe I missed it, but I don't think the article specified.
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#14About half earn more, about half earn less. Wouldn't that imply that the average earnings are about the same? If so, I don't know that I'd complain because that indicates stability.
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#15Compound that with the percentage of income 30 year olds spend on housing, education, health care and child care compared to their parents and we have a recipe for disaster.
Price per square foot for housing has remained remarkably constant over time. People are spending more on houses than they used to because they are buying bigger houses.
Got data on this? In my anecdotal experience price per square foot has shot up in urban places, which is where the jobs for young people tend to be concentrated.
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#16I always forget, what is the workaround for WSJ?
The paper itself: “The Fading American Dream: Trends in Absolute Income Mobility Since 1940.” Raj Chetty, David Grusky, Maximilian Hell, Nathaniel Hendren, Robert Manduca, Jimmy Narang. Graphs are in the back. http://www.equality-of-opportunity.org/papers/abs_mobility_p...
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#17This chart from the article is rather painful:
https://si.wsj.net/public/resources/images/BN-RD331_CHETTY_1...
(I think that'll work without the workaround)
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#18I object to the subtitle "It becomes harder to reverse this trend" like it's an inexorable march without any possible cause. Just look at the difference in context between today and the 1972 reference date for the start of the study. Globalization and automation have taken a huge chunk out of the manufacturing sector, but the US economy has by now (at an aggregate) replaced those positions with knowledge/retail/service sector positions. What did those manufacturing jobs have that the new jobs don't?
Powerful unions, a strong social safety net, and a government that accomplished both because it didn't think taxing rich people was heresy.
United States political parties used to split along Labor/Capital lines until the Civil Rights movement in the 60s shifted politics to a racial fault line. Over the last 50 years Capital quietly co-opted both parties while the populace was duking it out over things like segregation, voting rights, and Affirmative Action, and people have finally realized what happened while they weren't paying close attention.
Trump didn't win "because racism". It's not an accident that a significant subset of voters "somehow" liked Obama, Bernie Sanders AND Donald Trump, while hating all of Jeb Bush, Hillary Clinton, Marco Rubio, John Kasich, AND Ted Cruz.
These people are tired of Capital (aka "globalist elites" or "corporate overlords" depending on the side of the aisle you sit on) winning every battle. They viewed the entire election cycle as a dog-and-pony show between hand-picked corporate surrogate A and hand-picked corporate surrogate B. They chose Option C. "Literally Anyone Else, Yes Even That Guy".
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#19Compound that with the percentage of income 30 year olds spend on housing, education, health care and child care compared to their parents and we have a recipe for disaster.
This is only going to get worse with software eating the world and automation of every possible task that we can. It has already started with companies like Amazon (in their warehouses) using robots extensively.
Re: Barely Half of 30-Year-Olds in the U.S. Earn More Than Their Parents Did at 30
#20I always forget, what is the workaround for WSJ?
This is why I like this site. Multiple answers that are actually different methods. Thanks guys.