(WASHINGTON) – American men have less income than their fathers’ generation did at the same age, according to a new analysis released today by the Economic Mobility Project, an initiative of The Pew Charitable Trusts. Comprised of a Principals’ Group of experts from The American Enterprise Institute, The Brookings Institution, The Heritage Foundation, and The Urban Institute, the project seeks to investigate the health and status of economic mobility in America.
The analysis, though apparently limited to income, is thought-provoking: "The last thirty years has seen a considerable drop-off in median household income growth compared to earlier generations."
The report explained, ". . . upward absolute mobility occurs because of economic growth, which normally ensures that each generation is better off, or has a higher standard of living, on average, than the one before. . . Using new analysis of U.S. Census Bureau data, the Economic Mobility Project has found that absolute mobility is declining for a significant group of Americans."
Of course, some people are thriving in our brave new world: "Between 1978 and 2005, CEO pay increased from 35 times to nearly 262 times the average worker’s pay."
This may be a wake up call for some folks -- relying too much on standard income growth could be hazardous to your wealth.
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