Millennial incomes are much lower

They voted for him and love him still, but this is the reality Obama has wrought: American millennials paid 20% lower salaries than baby boomers at same age, report reveals:

Americans ages 25 to 34 make 20% less money than baby boomers did at the same age, according to a study released Friday.

Millennials were found to be making about $40,581 in 2013. By comparison, young people in the same age group brought in $50,910 in 1989, according to a new analysis of Federal Reserve data by the advocacy group Young Invincibles. . . .

The report’s other findings were just as grim. When baby boomers were young, they owned more homes and had amassed assets worth twice as much as young people of today. . . .

In all, the figures present a dire picture for the 75 million millennials struggling for their piece of the American Dream.

“These findings uncover that millennials have been set back significantly, by not just the Great Recession but by decades-long financial trends, resulting in major generational declines in financial security between millennials and baby boomers when they were the same age,” said Tom Allison, deputy director of policy and research for Young Invincibles.

Most older people have a stock of assets they accumulated under a different more productive economic system which obscure the underlying economic trends. It is those starting out in life who are at the hard edge of reality. The West is poorer, and if you would like my one-line explanation of why that it, it is because governments are relentlessly dissipating our wealth on non-productive forms of expenditure, which naturally includes all of the massive welfare expenditures that bring votes but no economic growth.

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