The Associated Press
WASHINGTON - The part of the American dream that says children will be better off than their parents were has become a dream, not reality, according to an analysis of Census data released Friday.
A generation ago, American men in their thirties had median annual incomes of about $40,000, compared with men of the same age who now make about $35,000 a year, when adjusted for inflation.
That's a 12.5 percent drop between 1974 and 2004, according to data from the Pew Charitable Trusts' Economic Mobility Project.
Household incomes rose during the same period, though the main reason is that there are more full-time working women, a new report on the project said.
We get paid less, but you are supposed to dump more of our income on a mortgage.
This is what some authors call the Revolution of Lowered Expectations. Do more, get less; pay more, receive less. It starts with a, "HEY! Wait a minute." And shortly becomes a, "Eh, what do you expect?"
3 comments:
I wonder if they factored housing into their inflation equation? It's my understanding that it's NOT normally factored into core inflation. It's your biggest expense, weather you rent or own, and they don't factor it in...stupid!
No, they do not. Otherwise the inflation numbers would be off the hook.
Food and energy are also kicked out.....basically anything that has inflated in the last 5 years is not in the inflation formula!
Nice eh?
we are of the generation of lower expectations. your father might have owned a house at a certain age without extrordinary effort but you will not......get adjusted to it......you will be happier that way.
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