Sunday, December 23, 2018

Will the Millennial Generation Live More Poorly Than Previous Generations?

Many believe this. Polling data in recent years has shown an unusually high degree of pessimism among the public about future generational prospects, with many subscribing to the thesis that future generations will simply be worse off.
How plausible is this? Careful reading of available data indicates slow growth across the population in living standards not no growth or negative growth (see previous posts). But is the Millennial generation different? Will it be the generation that actually suffers declining rather than merely slowly growing living standards?
Not on current evidence, according to an interesting new release from the Pew Research Center.
"After bottoming out in 2011, incomes are rising for American households – and those headed by a Millennial (someone age 22 to 37) now earn more than young adult households did at nearly any time in the past 50 years, according to a Pew Research Center analysis of new census data.
The growth in household incomes among young adults has been driven in part by Millennial women, who are working more – and being paid more – than young women were in previous years....
The median adjusted income in a household headed by a Millennial was $69,000 in 2017. That is a higher figure than for nearly every other year on record, apart from around 2000, when households headed by people ages 22 to 37 earned about the same amount – $67,600 in inflation-adjusted dollars."
The problem therefore is how to accelerate income growth for Millennials, as well as for other generations, rather than reverse decline. That's an important difference the left would do well to remember.
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American households headed by a Millennial now earn more than young adult households did at nearly any time in the past 50 years.

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