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WASHINGTON (AP) — The wealth gap between younger and older Americans has stretched to the widest on record, worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt.
The typical U.S. household headed by a person age 65 or older has a net worth 47 times greater than a household headed by someone under 35, according to an analysis of census data released Monday.
While people typically accumulate assets as they age, this wealth gap is now more than double what it was in 2005 and nearly five times the 10-to-1 disparity a quarter-century ago, after adjusting for inflation.
Paul Taylor, director of Pew Social & Demographic Trends and co-author of the analysis, said the report shows that today's young adults are starting out in life in a very tough economic position. "If this pattern continues, it will call into question one of the most basic tenets of the American Dream — the idea that each generation does better than the one that came before," he said.
Last edited by GiantRutgersfan; 11-07-2011 at 06:15 PM..
If one of the basic tenets of the American dream is for the next generation to do better than the one before, then why doesn't this generation make it better?
Instead of wishing that the generation before them would just hand it to them.
If one of the basic tenets of the American dream is for the next generation to do better than the one before, then why doesn't this generation make it better?
Instead of wishing that the generation before them would just hand it to them.
No one is asking for a handout, because they certainly are not going to receive it. This generation is going to be cleaning up the mess left to them for decades to come. So many problems in this country have been ignored and had the can kicked down the road for decades.
This generation will fix the many problems being laid upon them, but it will take some time. They are going to have to do it in spite of being dealt by far the worst hand of any group of Americans since those coming of age in the 1930s.
No one is asking for a handout, because they certainly are not going to receive it. This generation is going to be cleaning up the mess left to them for decades to come. So many problems in this country have been ignored and had the can kicked down the road for decades.
This generation will fix the many problems being laid upon them, but it will take some time. They are going to have to do it in spite of being dealt by far the worst hand of any group of Americans since those coming of age in the 1930s.
The Occupy Wall Street gang is certainly looking for a handout.
Republicans will come in and clean up the Obama crap standing in today's generation's way.
Federal debt/deficit, social security, wealth inequality, offshoring of jobs, immigration, education, and several other areas should have all been addressed well over 10 years ago because these are all broken areas.
I don't even know why I posted on this section. No one here can do anything except blindly blame the other party and regurgitate the nonsense they hear on TV/Radio. Probably part of the reason why this country is in such a big mess.
Yooperkat"If one of the basic tenets of the American dream is for the next generation to do better than the one before, then why doesn't this generation make it better?
Instead of wishing that the generation before them would just hand it to them."
Your post is reprehensible. Hand it to them, get real. By the way, I'm in my early 50s, and of course, someday expect to get SS at a somewhat reduced rate, adjusted for inflation. I will NOt vote for any candidate who fails to support raising the SS age at least 3 years for anyone not presently in their 60s. (Yes, to get my vote, one must DEMAND my sacrifice).
I am appalled by the AARP We're 50 mill strong grannys who HATE their grandkids so much, they refuse to allow any changes to anyone. The Greatest Generation and the "Still Babies" Boomers are polar opposites in terms of doing for country, and having character. I hope the kids vote far, far more, and AGAINST anything the AARP stands for. I WILL be.
Generational warfare against MY generation is something long overdue. In aggregate, we are committing genocide. We got here on the backs of prior gens who BUILT the foundation we stood on. We're still acting like babies. We are an irresponsible generation.
How right you are. Life was perfect up until three years ago. Then Obama came along, and bam! Suddenly there were deficits! There was debt! The banks faltered! The stock market crashed! Jobs were outsourced overseas! Immigrants started coming into the country illegally! NONE of that existed before Obama, right?
I would call you an idiot, but that would be against the rules.
If one of the basic tenets of the American dream is for the next generation to do better than the one before, then why doesn't this generation make it better?
Instead of wishing that the generation before them would just hand it to them.
Because it isn't my job to teach your sons and daughters what you should have taught them. I am trying to make it better (being the parent for you) and you're sending me your broken and misguided children.
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