UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. See main page for full contents

September 18, 2009

INCOMES OF YOUNG IN 8-YEAR NOSE DIVE

USA Today - The incomes of the young and middle-aged - especially men - have fallen off a cliff since 2000, leaving many age groups poorer than they were even in the 1970s, a USA Today analysis of new Census data found. People 54 or younger are losing ground financially at an unprecedented rate in this recession, widening a gap between young and old that had been expanding for years.

While the young have lost ground, older people have grown more prosperous over the years and the decades. Older women have done best of all. The dividing line between those getting richer or poorer: the year 1955. If you were born before that, you're part of a generation enjoying a four-decade run of historic income growth. Every generation after that is now sinking economically. Household income for people in their peak earning years - between ages 45 and 54 - plunged $7,700 to $64,349 from 2000 through 2008, after adjusting for inflation. People in their 20s and 30s suffered similar drops. . . .

2 Comments:

Anonymous pj said...

when the human species wakes up and wealth is finally distributed as evenly as the work that alone creates the wealth is distributed, every working person on the planet will be getting US $100,000 per year. that is world average pay today. YES, we are creating that much wealth. people are unaware of this because the greatest fortunes are being hidden. equality of man despite inequality of gifts won in the birth lottery: this is heaven on earth. pay justice waits to give us our golden age of sustainable peace and plenty for all.

September 19, 2009 9:25 AM  
Anonymous Mairead said...

I think, though, that we have to remember that that 100K is the result of stripping Earth bare -- eating our seed corn, as it were.

If we shift to a pro-social "economy of quality" rather than the current profit-oriented "economy of replacement", we mightn't have the 100K, but that won't matter.

September 20, 2009 11:45 AM  

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