'Our young people did what they were told: they got an education & worked hard. But instead of being rewarded, millennials are now being punished with crushing student debt and low-paying jobs.' –BernieSanders
; more educated ; and are marrying, cohabitating, and having children at significantly lower rates than their predecessors . More notably, according to this report, millennials are financially worse off than their parents"If we don’t fundamentally transform our economy, we are facing — for the first time in the history of this country — the possibility that our young people will suffer a worse future than their parents had.
that homeownership plays in the accumulation of wealth, this has contributed to the declining net worth of this generation. However, according to the study, student loan debt is whatdifferentiates millennial finances from other generations, with millennials more likely to have student debt that exceeds their annual income. In 2016, millennial households had a student loan-to-income ratio that exceeded 100%, compared with ratios of 50% or less in previous generations.
The GAO report also takes into account the additional factors that influence economic mobility, such as parental income. Between one-third and two-thirds of economic status is passed down from one generation to the next, according to the report, so parental income has a significant impact on wealth and earnings. Geographically, people living in counties in the southeastern United States have lower rates of economic mobility than those living in the rural Midwest.
“Our young people did what they were told: they got an education and worked hard. But instead of being rewarded, millennials are now being punished withand low-paying jobs,” said Sanders. “It is about time we take a hard look at this research and stand up for our young people who dream of making it into the middle class. We must tell the economic elite who have hoarded income growth in America: No, you can no longer have it all.
“In the richest country in the history of the world, we have an obligation to turn this around and make sure our kids live healthier and better lives than we do,” concluded Sanders.
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