A growing wealth gap between younger and older Americans
There’s an emerging, but not often discussed, wealth gap explored in a newly-released study – the growing wealth gap between young Americans (individuals under 40) and older Americans. The longitudinal study on the incomes of 40,000 families takes a look at how each generation has accumulated wealth. (WaPo, 7/29)
Basically, young people have always been poor. But looking beyond that basic trend, you can see that today’s young people are poorer than young people of the past.
The period of time in which someone is born can also have a dramatic effect on their wealth compared with other generations. The winners of this historical jackpot appear to be those who were born between 1930 and 1945 and came of age after World War II, who are sometimes called The Silent Generation.
In just 25 years, the wealth gap between young and old people has yawned wider. In 1989, old families had 7.6 times as much median wealth as young families. By 2013, it had grown to 14.7 times.
According to the economists’ calculations, someone born in 1970 has a quarter less income and 40 percent less wealth than an identical person born in 1940.
– In this blog post, the D.C. Office of Revenue Analysis dives into District taxpayer data in order to analyze an individual’s likelihood of income mobility. (District Measured, 7/28)
– Opinion: In D.C.’s ward 8, spikes in violence and a continuing struggle to get widespread neighborhood buy-in for programs aimed at improving circumstances for residents have left some officials perplexed. (WaPo. 7/28)
HEALTHCARE/REGION | Medicare turns 50 this week. To mark the occasion, take a look at how many people are impacted by the program in our region. (WBJ, 7/29)
TRANSIT | Silver Line is a mixed blessing for Metro riders (WaPo, 7/28)
REGION | The Fairfax County Board of Supervisors has approved a redevelopment plan for the Seven Corners area after a lengthy debate (WaPo, 7/29):
The plan would create three villages and add several thousand homes to the area, along with restaurants, shops and a street grid that could draw local traffic away from the confusing Seven Corners intersection.
This Friday, you may find yourself doing those things you usually only claim to do once in a blue moon.
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