U.S. Wealth Gap Between Young and Old Is Widest Ever

From the ABI.

U.S. Wealth Gap Between Young and Old Is Widest Ever
The wealth gap between younger and older Americans has stretched to the widest on record, worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt, The Associated Press reported today. The typical U.S. household headed by a person age 65 or older has a net worth 47 times greater than a household headed by someone under 35, according to census data released Monday. This wealth gap is now more than double what it was in 2005 and nearly five times the 10-to-1 disparity a quarter-century ago, after adjusting for inflation. The analysis reflects the impact of the economic downturn, which has hit young adults particularly hard. The report, coming out before the Nov. 23 deadline for a special congressional committee to propose $1.2 trillion in budget cuts over 10 years, casts a spotlight on a government safety net that has buoyed older Americans on Social Security and Medicare amid wider cuts to education and other programs, including cash assistance for poor families. Read more.
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