Millennials Are Doing Just Fine - The Atlantic - 0 views
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Millennials, as a group, are not broke—they are, in fact, thriving economically. That wasn’t true a decade ago, and prosperity within the generation today is not evenly shared. But since the mid-2010s, Millennials on the whole have made a breathtaking financial comeback.
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he belief that Millennials have been excluded from the implicit promises that America makes to its people—a house for most, middle-class security, a better life than your parents had—remains predominant in society and, to go by surveys and the tenor of social media, among Millennials themselves.
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That prompts a question with implications for the cultural and political future of the United States, a country premised, to a large extent, on the idea of material progress: What if the American dream is still alive, but no one believes it to be?
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the mid-2010s saw the beginnings of a turnaround that has continued ever since. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation.
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That year, according to the Current Population Survey, administered by the U.S. Census Bureau, income for the median Millennial household was about $9,000 higher than that of the median Gen X household at the same age, and about $10,000 more than the median Boomer household, in 2019 dollars.
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Booms and recessions push incomes up and down, but although many media stories have tended to associate Millennials almost exclusively with the latter, they’ve now experienced both, and in a big way: Increases in income since 2014 have been steep.
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ed since Millennials became adults. The Affordable Care Act extended health-care coverage, and federal-government support during the pandemic actually caused poverty to fall in 2020 and 2021
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since 2014. By my analysis, Black and Latino Americans ages 25 to 44 in 2021 were making more money than Black and Latino Silents, Boomers, and Gen Xers at the same age. The U.S. is not without economic inequities, many of them racial. But Black and Latino Millennials are not falling behind previous generations when it comes to their income. Instead, most are getting ahead
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Millennial men, on average, have not seen the income increases that Millennial women have (more on that later)—a divergence at least partly explained by the growing gap in educational attainment between men and women
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the median income of Americans with a four-year college degree has steadily risen while the income of those with only a high-school degree has fallen. This trend is not new, though it is troubling.
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The Great Recession was no doubt a more harrowing experience for young adults than the recession Gen X faced, but the income stagnation that followed it nonetheless lasted only a few years. Over the past half century, the longest period of falling or stagnant wages was from the ’70s to the mid-’90s, when Boomers were young workers.