Hint: It’s not the baby boomers
Because I know you like it, let me lay some demographics on you. We are looking at two groups of Americans: one has lost 13% of its net worth since 2005; the other lost 37% over the same period. Since 1984, the median household worth of one has increased by 42%, while the worth of the other has declined by 68%. One has seen its share of the workforce increase since 2008. The other suffers unemployment at a rate 50% higher than the national average. And one of these groups claims to have invented rock and roll—no, not white people. We are talking about the differences between people over 65 and people under 35. All these fun statistics come from this article by Joel Kotkin, cheerfully titled “Are Millennials the Screwed Generation?”