Monday, November 7, 2011

Wealth Disparity Defines the New Generation Gap

Posted By on Mon, Nov 7, 2011 at 8:42 AM

The wealth gap between young and old Americans has reached historic levels. New census data indicates that the typical U.S. household headed by someone 65 or older has a net worth 47 times greater than a household headed by someone under the age of 35, making the wealth gap nearly five times the 10-to-1 disparity of 25 years ago. The 47-to-1 wealth gap between old and young is believed by demographers to be the highest ever, even predating government records.

Last week, a new report showed that the average student loan debt for recent graduates was estimated at $25,250, up 5 percent from the previous year.

Additionally The Wall Street Journal, in its "Generation Jobless" series, points to an unemployment rate for those under the age of 24 to be 16 percent for the past 32 months.

"If history is a guide, when today's young graduates do find a job, they will earn 9 percent less on average than if they had finished college in better times," wrote the WSJ.

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