[Peace-discuss] Wealth gap

[David Green]

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.

No, I'm not being defensive, especially given I'm not rich. The "boomers",
as a generation, didn't do it.

If you want to see the graphic, you can download the files to your desktop
and open them from there.


*This depressing chart shows the jaw-dropping wealth gap between
millennials and boomers*

By Nicole Lyn Pesce

WSJ  Dec 5, 2019



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.

The millennial generation will hit that 35 median age in four years and
they are nowhere near owning that percentage.

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.





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.

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.

That will be a difficult feat indeed considering most are saddled with
student loan debt which has hit a record collective $1.6 trillion. *The
Federal Reserve*
<https://www.federalreserve.gov/releases/g19/current/default.htm> estimates
that more than a third of the 45 million Americans burdened by that debt
are under 30.



*Related:* *How wiping out $1.5 trillion in student debt would boost the
economy*
<https://www.marketwatch.com/story/how-wiping-out-15-trillion-in-student-debt-would-boost-the-economy-2019-09-09>



Four in 10 Americans under age 30 described their financial situation as
“poor” in *a recent Associated Press-NORC Center for Public Affairs
Research poll*
<https://www.marketwatch.com/story/poll-shows-americans-feel-vulnerable-despite-a-good-economy-2019-07-09>.
And half doubt their ability to pay for an unexpected bill, which is twice
the proportion of people ages 60 and older.



There is some hope on the horizon, however.

Boomers are expecting to pass on their estates to their heirs in what’s
being dubbed* “the great wealth transfer,”*
<https://www.pnc.com/en/about-pnc/topics/pnc-pov/economy/wealth-transfer.html>
which could see those millennials lucky enough to have relatives with money
collecting $59 trillion in wealth and assets.




On Fri, Dec 6, 2019 at 6:33 AM David Johnson via Peace-discuss <
peace-discuss at lists.chambana.net> wrote:

> Ron,
>
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> The file you sent does not open.
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> David J.
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> *From:* Peace-discuss [mailto:peace-discuss-bounces at lists.chambana.net] *On
> Behalf Of *Szoke, Ron via Peace-discuss
> *Sent:* Thursday, December 05, 2019 5:12 PM
> *To:* peace-discuss at anti-war.net; peace-discuss
> *Subject:* [Peace-discuss] Wealth gap
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