this post was submitted on 20 Jul 2024
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collapse of the old society
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I think that's just because boomers own all the assets. Assets are pretty much happinesses.
Young adults didn't have much assets in the past either. I suspect a strong factor here is rather that due to high rents for apartments in population centers, young adults are forced to stay with their parents which can be quite miserable at that age.
People earn more as they age there's no doubting that. However young adults now own less assets overall than their parents or grandparents did at their age. It continues that way for every age cohort too.
The baby boomer generation owns and has owned more wealth than any other generation in US history even when accounting for age.
And the 1% is mostly boomers.