Wealth inequality at all time high

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TimeForGuinness
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Re: Wealth inequality at all time high

Post by TimeForGuinness »

Leroy wrote:No more than usual. :P

I'm kidding of course. I know this stuff is hard, they intend it to be complicated so none of us really understand it.
Ha! I knew that was coming.
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Re: Wealth inequality at all time high

Post by Freed Roger »

Moved this article here. relates to a lot of things - college admissions scandal, lack of upward mobility, faux-meritocracy and rat race for the wealthy.
Good read.
https://www.theatlantic.com/magazine/ar ... rs/594760/
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pioneer98
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Re: Wealth inequality at all time high

Post by pioneer98 »

This graph was hard to get my head around but now that I get it, it's kind of mind blowing.
Basically, in 2018:

The Silent generation & up made up 12% of the adult population but has about 23% of the wealth
Boomers made up about 32% of the adult population but had 57% of the wealth
Gen X makes up about 29% of the adult population and has roughly 16% of the wealth
Millennials make up about 27% of the adult population and have roughly 4% of the wealth

Just mind-boggling
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GeddyWrox
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Re: Wealth inequality at all time high

Post by GeddyWrox »

That chart is astounding.
AWvsCBsteeeerike3
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Re: Wealth inequality at all time high

Post by AWvsCBsteeeerike3 »

What's that graph show? That older people have accumulated more wealth?
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33anda3rd
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Re: Wealth inequality at all time high

Post by 33anda3rd »

AWvsCBsteeeerike3 wrote:What's that graph show? That older people have accumulated more wealth?
LOL yeah. Shocking, a generation that includes kids 22-37 doesn't have as much money as the retired parents and grandparents who pay their cell phone bill. I'm gonna write my congressman right now.
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GeddyWrox
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Re: Wealth inequality at all time high

Post by GeddyWrox »

I think it shows quite well that the older generations had upward mobility. Gen X slides a little but Millennials are not gaining any wealth as compared to the same ages of previous generations.

It pretty much confirms what we've been harping on with lack of wage growth, income inequality and decreasing tax rates for the rich.

One of the tweets below the chart:
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Re: Wealth inequality at all time high

Post by AWvsCBsteeeerike3 »

What age did Boomers enter the workforce compared to GenX'rs? What age did the average boomer pay off student loans compared to GenX'rs? How much wealth is tied up in those 80+ years of age now vs 40 years ago when the average life span was a little shorter?

Not to dismiss the graph outright, it certainly doesn't portray a pretty picture, but I don't think it proves anything. Further, it should be noted, going back to 1990, there are only two groups of people (silent gen and boomers) who account for 100% of the wealth. In 2018, there are 4 groups of people, naturally, the piece of the pie shrinks.
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pioneer98
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Re: Wealth inequality at all time high

Post by pioneer98 »

Another data point that can be compared of when these generations were at the same age:

When Boomers were age 44 they had about 41% of the wealth
When Gen X were at age 44 they had about 16% of the wealth

That's a stunning drop. It's hard to find a clearer illustration of how a generation is worse off than their parents

Gen X is smaller but not THAT much smaller. Gen X is roughly 70% the size of Boomers when both were at age 44....so if all things were equal, Gen X's number would have been more like 28% instead of 16%. Gen X only has a bit more than half the wealth that Boomers had at age 44, per person

And the real kicker is that I guarantee wealth is way more unequally distributed among Gen X and Millennials than Boomers & Silents. So if anything this graph paints a BETTER picture of the situation for most Gen X and Millennials
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pioneer98
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Re: Wealth inequality at all time high

Post by pioneer98 »

AWvsCBsteeeerike3 wrote:What age did Boomers enter the workforce compared to GenX'rs? What age did the average boomer pay off student loans compared to GenX'rs? How much wealth is tied up in those 80+ years of age now vs 40 years ago when the average life span was a little shorter?

Not to dismiss the graph outright, it certainly doesn't portray a pretty picture, but I don't think it proves anything. Further, it should be noted, going back to 1990, there are only two groups of people (silent gen and boomers) who account for 100% of the wealth. In 2018, there are 4 groups of people, naturally, the piece of the pie shrinks.

Of course college costs and things like that have an impact on this graph. That's the entire point!
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