Income for young adults has grown by just $29 since 1974
Paychecks are anything but fat for America's young adults.
Those between ages 25 and 34 have only seen a $29 income increase since 1974 when adjusted for inflation, according to a new SuperMoney report that analyzed US Census Bureau data. That year, they were earning an average of $35,426. By 2017, that jumped to a mere $35,455.
These numbers are sad enough on their own, but they particularly pale in inflation-adjusted comparison to other age groups. Adults ages 35 to 44 made nearly $2,900 more in 2017 than their 1974 counterparts did. And those ages 45 to 54 saw an income growth of nearly $5,400 over that same time period....
Drew Desilver wrote: .... But despite the strong labor market,Â wage growthÂ hasÂ lagged economistsâ€™ expectations. In fact, despite some ups and downs over the past several decades, todayâ€™s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. And what wage gains there have been have mostly flowed to the highest-paid tier of workers....
excerpt from, "For most U.S. workers, real wages have barely budged in decades"
This is practically normal, except, millennials have more debt than people 45 years ago. Not everyone in 1974 went to college, they paid as they went. Today, bubblegum chewing, vapeing , backseat sitting in mamaâ€™s Tahoe millennial has accrued 1000â€™s in debt because its available. Apply to college, get a loan, take out the maximum, drop out of college and guess what? You still have to pay your loan. Bernie nor AOC can save you from forgetting a basic lesson in mathematics. If Jennifer owes the bank 2$, but has 0 income, what should she do? Get a job, work within your means and pay your debt.
SA Article wrote: The report looked at data from the US Federal Housing Agency and found that the median price of home sales has increased by 39% in roughly the same time frame. Meanwhile, national health care costs per person have increased by $9,000 since 1970, and the cost of education has more than doubled since 1971, according to the report.
Well, that was definitely an informative article. It appears that many parents have to drop dead soon so they can pass along their money to their children - if they don't want to expand Obamacare for instance. đź‘Ť