According to the central bank, those born between 1981 and 1996, better known as Millennials, control only 4.6% of the wealth in the country even though they make up the majority of the workforce, with around 72 million people.
While it is not unusual for younger people to accumulate
No one in their right mind would argue that millennials are struggling. The way the average wage across the world has been driven down is abhorrent. Now show me how this is the fault of boomers.
This is what I wrote in another post:
Everything regarding boomers and wealth accumulation is nothing more than culture wars and a race to the bottom. The real enemy are those that have manipulated politics to allow them to abuse labour laws and taxes. We should not be looking at why some have did well in life, we should be looking at why some are not. It should not be a race to the bottom, it should be about getting more for for those who deserve it.
No one pushing these culture wars like to highlight just how tax systems have changed in the last 80 years.
All the while governments across the world have added loopholes to facilitate tax evasion on a massive scale.
Median earnings have gone up 2% in real terms since 1980. But the disparity between those who have and have not has changed in favour of the richest. The poorest are now much worse off than they have been since the 80s, and the richer are vastly richer.
https://www.statista.com/statistics/185369/median-hourly-earnings-of-wage-and-salary-workers/
Your problem is not with a Pseudo-generation, it is with the way the system runs. Everything is stacked against those without money.
You might be right about the politicians and those in power pushing for those changes but which generation is the one that predominantly voted them in? That’s why a lot of people blame the boomers. Plus, go look at the average age of a lot of our leading politicians.
Just like kids now, kids then did not vote. You are a prime example of why they should be teaching critical thinking in schools. When someone is pushing an agenda, you always have to ask why.
Young people are voting in historic numbers right now?
In the US, Gen Z still only has 10% who are active voters. Recent elections have seen a 4% surge. Not really a great deal on such a small baseline. There is more to do with convincing the young that it is in their interests to vote at each election. This post being one of the main reasons why.
Fun fact related to that bottom number, the one where the amount of wealth we own has remained more or less constant for decades: the amount of wealth we create has tripled since 1960, per capita, constant dollars.
https://fred.stlouisfed.org/series/NYGDPPCAPKDUSA
The model is only working for the few. The last 15 years has seen a tipping point where people are struggling as bad as the poor in the Victorian era. the worst of it is that they do not even feel guilty about it. Some want to double down even more.