Will you be financially better off than your parents? Don’t count on it.

Nearly half of 30-year-olds earn less than their parents did at that age. The impact on politics has been clear: a new spirit of populism and unrest.

The engine of capitalism is struggling to create the abundance that was once taken for granted. The basic hope that parents have for their children – that their lives will be better than their own – is being lost. For many, life isn’t just not getting better. It’s getting worse.

A recent study showed that only about half of 30-year-old workers in America earn more than their parents did at the same age. Compare that to previous generations. In 1940, 92% of Americans in their 30s earned more than their parents did at the same age. That’s a vast drop.

Fredrik deBoer | The Guardian

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