<div dir="ltr">There is not really much new to see in this article; moreover, it is a diversionary tactic (as one expects in the WSJ) to talk about wealth accumulation in terms of generations, or even race. Overall economic inequality on the basis of increased exploitation is what we should be talking about, along with property values/rent-seeking, financialization, etc. It applies among boomers and within white people as well. <div><br></div><div>No, I'm not being defensive, especially given I'm not rich. The "boomers", as a generation, didn't do it.</div><div><br></div><div>If you want to see the graphic, you can download the files to your desktop and open them from there.</div><div><br><div><br></div><div><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><b><span style="font-size:26pt;font-family:Helvetica-Bold,sans-serif">This
depressing chart shows the jaw-dropping wealth gap between millennials and
boomers</span></b></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:23pt;font-family:Helvetica,sans-serif">By Nicole Lyn Pesce</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:23pt;font-family:Helvetica,sans-serif">WSJ
Dec 5, 2019 </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:23pt;font-family:Helvetica,sans-serif"> </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">When
baby boomers (born between 1946 and 1964) hit a median age of 35 in 1990, they
collectively owned 21% of the nation’s wealth.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">The
millennial generation will hit that 35 median age in four years and they are
nowhere near owning that percentage.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">In
fact, this inter-generational wealth chart drawn by economist Gray Kimbrough
using Federal Reserve data is a stark illustration of the yawning millennial
wealth deficit.</span><span style="font-size:23pt;font-family:Helvetica,sans-serif"></span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:12pt;font-family:Helvetica,sans-serif"> </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:12pt;font-family:Helvetica,sans-serif"> </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">Adults
under 40 have been accumulating less and less wealth over the past 30 years,
plummeting from owning 13% of the wealth in 1989 to less than 7% today.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">Indeed,
at a median age of 35, Gen Xers owned just 9% of the nation’s wealth in 2008 —
less than half what boomers had at that age. And millennials will have to
triple their net worth in the next four years to catch up to Generation X at
35, and increase their wealth sevenfold to catch up to boomers at that age.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">That
will be a difficult feat indeed considering most are saddled with student loan
debt which has hit a record collective $1.6 trillion. <a href="https://www.federalreserve.gov/releases/g19/current/default.htm" style="color:rgb(5,99,193)"><b><span style="font-family:Helvetica-Bold,sans-serif;color:rgb(82,122,130);text-decoration-line:none">The Federal Reserve</span></b></a>
estimates that more than a third of the 45 million Americans burdened by that
debt are under 30.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)"> </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><b><span style="font-size:18pt;font-family:Helvetica-Bold,sans-serif;color:rgb(38,38,38)">Related:</span></b><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)"> <a href="https://www.marketwatch.com/story/how-wiping-out-15-trillion-in-student-debt-would-boost-the-economy-2019-09-09" style="color:rgb(5,99,193)"><b><span style="font-family:Helvetica-Bold,sans-serif;color:rgb(82,122,130);text-decoration-line:none">How wiping out $1.5
trillion in student debt would boost the economy</span></b></a></span><b><span style="font-size:18pt;font-family:Helvetica-Bold,sans-serif;color:rgb(82,122,130)"></span></b></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)"> </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">Four
in 10 Americans under age 30 described their financial situation as “poor” in <a href="https://www.marketwatch.com/story/poll-shows-americans-feel-vulnerable-despite-a-good-economy-2019-07-09" style="color:rgb(5,99,193)"><b><span style="font-family:Helvetica-Bold,sans-serif;color:rgb(82,122,130);text-decoration-line:none">a recent Associated
Press-NORC Center for Public Affairs Research poll</span></b></a>. And half
doubt their ability to pay for an unexpected bill, which is twice the proportion
of people ages 60 and older.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)"> </span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">There
is some hope on the horizon, however.</span></p>
<p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)">Boomers
are expecting to pass on their estates to their heirs in what’s being dubbed<a href="https://www.pnc.com/en/about-pnc/topics/pnc-pov/economy/wealth-transfer.html" style="color:rgb(5,99,193)"><b><span style="font-family:Helvetica-Bold,sans-serif;color:rgb(82,122,130);text-decoration-line:none"> “the great wealth
transfer,”</span></b></a> which could see those millennials lucky enough to
have relatives with money collecting $59 trillion in wealth and assets.</span></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)"><br></span></p><p class="MsoNormal" style="margin:0in 0in 0.0001pt;line-height:normal;font-size:11pt;font-family:Calibri,sans-serif"><span style="font-size:18pt;font-family:Helvetica,sans-serif;color:rgb(38,38,38)"><br></span></p></div></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Fri, Dec 6, 2019 at 6:33 AM David Johnson via Peace-discuss <<a href="mailto:peace-discuss@lists.chambana.net">peace-discuss@lists.chambana.net</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div lang="EN-US"><div class="gmail-m_-7667684013802366709WordSection1"><p class="MsoNormal"><span style="font-size:14pt;color:rgb(31,73,125)">Ron,<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;color:rgb(31,73,125)"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;color:rgb(31,73,125)">The file you sent does not open.<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;color:rgb(31,73,125)"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:14pt;color:rgb(31,73,125)">David J.<u></u><u></u></span></p><p class="MsoNormal"><span style="color:rgb(31,73,125)"><u></u> <u></u></span></p><p class="MsoNormal" align="left" style="text-align:left"><b><span style="font-size:10pt;font-family:Tahoma,sans-serif">From:</span></b><span style="font-size:10pt;font-family:Tahoma,sans-serif"> Peace-discuss [mailto:<a href="mailto:peace-discuss-bounces@lists.chambana.net" target="_blank">peace-discuss-bounces@lists.chambana.net</a>] <b>On Behalf Of </b>Szoke, Ron via Peace-discuss<br><b>Sent:</b> Thursday, December 05, 2019 5:12 PM<br><b>To:</b> <a href="mailto:peace-discuss@anti-war.net" target="_blank">peace-discuss@anti-war.net</a>; peace-discuss<br><b>Subject:</b> [Peace-discuss] Wealth gap<u></u><u></u></span></p><p class="MsoNormal" align="left" style="text-align:left"><u></u> <u></u></p><p class="MsoNormal"><u></u> <u></u></p></div></div>_______________________________________________<br>
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