The American Dream is alive and well – Millennials are besting Xers & Boomers
Bottom Line: Remember not all of that long ago when the narrative that the American Dream was dead, and kids were no longer on pace to perform as well as their parents let alone do better (as all prior generations had done)? Funny what happens when you make American Great again...
Little more than a year into the first normal US economy, 3%+ growth, in thirteen years the American dream and promise are back in full effect. According to the Pew Research Center adults between the ages of 22 to 37 aren’t just back to doing as well as their parents at the same age. They’re doing better than any generation of adults have ever done – even when adjusting for inflation. In fact, not just better but crushing it. Here’s what it looks like...
Household income by generation at the same age...
- Boomers: $42,700
- X’ers: $44,900
- Millennials: $52,800
That’s a freaking fantastic storyline. Millennials are making 24% more than Boomers and 18% more than X’ers. That’s a huge win and continued testament to the power of American free enterprise when government gives us enough room to succeed.