But a ton of these people got completely obliterated is 2008 too.
And even more made more money than ever with the bounce back. The market recovered its losses within 4 years, but wages didn’t recover until 2015-2016.
there are poor in each generation and the wealth gap is increasing across demographics, even if not uniformly.
For adults the poverty level is around 10% all age demographics, however the important thing to evaluate is the difference in wealth.
The median net worth under age 35 is about $39,000, but this rises to approximately $364,500 for the 55-64 age group.
True, some people made that money back. But crucially, some didn’t. Partly due to market fears causing sales of positions and partly because they just had to retire in that window or because their annuity was invested poorly for those conditions. Some people did get wrecked and not always because they messed up.
But yeah, some people are doing well. More yet in the older age groups as you point out. I’m just saying the problem is more directly linked to class than generation. People need to increase class consciousness if the end is ever to be in view. A poor 50 year old is sinking in the same leaky boat as a poor 20 year old.
And even more made more money than ever with the bounce back. The market recovered its losses within 4 years, but wages didn’t recover until 2015-2016.
For adults the poverty level is around 10% all age demographics, however the important thing to evaluate is the difference in wealth.
The median net worth under age 35 is about $39,000, but this rises to approximately $364,500 for the 55-64 age group.
True, some people made that money back. But crucially, some didn’t. Partly due to market fears causing sales of positions and partly because they just had to retire in that window or because their annuity was invested poorly for those conditions. Some people did get wrecked and not always because they messed up.
But yeah, some people are doing well. More yet in the older age groups as you point out. I’m just saying the problem is more directly linked to class than generation. People need to increase class consciousness if the end is ever to be in view. A poor 50 year old is sinking in the same leaky boat as a poor 20 year old.