Honest question, but do you know much about investing? The investment curve isn't linear. Someone making steady contributions should have around 10 times the amount of wealth at age 67 than they do at age 30 [1].
Millennials have more wealth than previous generations _at_ _the_ _same_ _age_[2]. Generation Z is earning even more than millennials _at_ _the_ _same_ _age_[3].
If you have evidence for why we should dismiss age cohorts, feel free to share it. All of the data I've seen shows that it's extremely important, and people who intentionally ignore it are pushing a narrative that doesn't match reality.
> Someone making steady contributions should have around 10 times the amount of wealth at age 67 than they do at age 30.
What part of that justifies or explains away record inequality?
> Millennials have more wealth than previous generations _at_ _the_ _same_ _age_[2]. Generation Z is earning even more than millennials _at_ _the_ _same_ _age_[3].
Hm - might that be because they live with their parents and can't afford kids? Or because they're sharing an apartment with 5 other people, and having a lot less fun in their life (aka, quality of life).
And are we ignoring the difference between average and median when cherry-picking statistics?
> If you have evidence for why we should dismiss age cohorts, feel free to share it.
My argument isn't that we should ignore age. I never said that. No one said that.
It's that even accounting for age, however you want to do that, there's an extremely problematic level of inequality.
America has 10 million hungry children. Half a million people claim medical bankruptcy every year. There's no excuse for that - and now a cabal of billionaires is gutting Medicaid to help pay for a $4tn tax break mostly for the top 1%.
As of 2023, the top 1% of U.S. households held 30% of the nation's wealth, while the bottom 50% possessed just 2.6%.
This is all deeply psychotic. It's perverse and abnormal in the extreme; and no, it's not explained away by age demographics. It's very intentional bipartisan policy, inflicted against the will of a large majority of Americans.
Quality of life is about to take a very hard hit, directly because of the level of inequality [0].
You can't separate these things and expect the world to make sense. When the ultra-wealthy capture too much of the levers of power, and strip-mine all our potential just to get a bit more in a bid for total control, quality of life for humanity suffers.
We've been suffering for it, as I explained above, and we're going to see a lot more of the same. House prices could double in the next 5 years. Even if you own a house or 6 and think that's just great, society will suffer and quality of life will fall.
You might think that owning houses, starting families, clean water, living oceans, a habitable biosphere and healthy division of power don't affect quality of life, but I promise you, they do. And those things are suffering, because of the level of inequality we have reached.
... Let's say, being generous and ignoring a lot of negative externalities, that we actually have improved average quality of life by 10% over the last 50 years. Put that in context - productivity has doubled. Where did all the difference go? ... And what are the beneficiaries of this wealth doing with that money?
The level of inequality is huge, and rising rapidly. That comes with a very serious level of existential threat to life on Earth itself; not just its quality.
You make a lot of claims about the future, but you are guessing. We have no idea. All I hear is fear mongering and hate against people with more than they have.
Fwiw, I think there is a upper bound where inequality starts hurting the average (we aren't near it) however all the solutions I hear are worse than doing nothing. The government forcing equality by taking from one to give to another will never work. It's been tried and it fails horribly.
Honest question, but do you know much about investing? The investment curve isn't linear. Someone making steady contributions should have around 10 times the amount of wealth at age 67 than they do at age 30 [1].
Millennials have more wealth than previous generations _at_ _the_ _same_ _age_[2]. Generation Z is earning even more than millennials _at_ _the_ _same_ _age_[3].
If you have evidence for why we should dismiss age cohorts, feel free to share it. All of the data I've seen shows that it's extremely important, and people who intentionally ignore it are pushing a narrative that doesn't match reality.
[1] https://www.fidelity.com/viewpoints/retirement/how-much-do-i... [2] https://www.economist.com/finance-and-economics/2024/04/16/g... [3] https://www.economist.com/finance-and-economics/2024/04/16/g...