2002 October 11 Friday
Gen X Doing Worse Financially

As compared to previous generations Gen X came out of college with more debts and they are not accumulating assets as rapidly:

Gen X "has done worse than their parents have done according to a number of dimensions, like net worth and home ownership," says Edward Wolff, a New York University economist who studies trends in income and wealth. In a recent paper Wolff notes that young households lay claim to a smaller percentage of total U.S. wealth than they did in 1989.

Additionally, the inflation-adjusted median net worth of a Gen X household ($9,000) is lower than that of a comparable household in 1989, according to the Federal Reserve's Survey of Consumer Finances.

Share |      By Randall Parker at 2002 October 11 07:13 PM 


Comments
Invisible Scientist said at October 11, 2002 9:54 PM:

Randy, if the net worth of the new generation is
declining at a time when the money supply is growing,
it must be that the net worth of another group
is INCREASING. In the absence of high inflation and
taxes, the net worth of the upper class will keep
increasing. The few rare members of the new generation
who join the top 1 % rich, will simply start taking
from the rest of the new generation.

Invisible Scientist said at October 11, 2002 9:54 PM:

Randy, if the net worth of the new generation is
declining at a time when the money supply is growing,
it must be that the net worth of another group
is INCREASING. In the absence of high inflation and
taxes, the net worth of the upper class will keep
increasing. The few rare members of the new generation
who join the top 1 % rich, will simply start taking
from the rest of the new generation.


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