Was reading this article in the Journal which mentioned that barely half of 30-year-olds earn more than their parents did at a similar age. In numbers, only 51% of American 30-year-olds earned more when compared to 92% in 1970.
Wages have stagnated in the middle class. When you're in that situation, it becomes very hard for children to do better than their parents.
Even at Donald Trump's promised 3.8% annual growth rate, the percentage of children able to outearn their parents rises to only 62%. Many economists predict that the US is likely to grow at around 2% a year.
Was curious to know the views of the WSO community. Is this one of those articles predicting gloom for the sake of doing it or do you think that the issue is for real?
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