Robbing Little Suzy to Pay Grandma
It’s the age gap, stupid.
USA Today’s article on the “generation gap” in income and wealth has the power to revolutionize media coverage of “income inequality.” It’s not inequality between people in general that’s growing, Dennis Cauchon’s report said – it’s inequality between generations. Young people are delaying careers for more education, marrying later and even getting their inheritances later. Meanwhile, retirees are living longer and living off the payments of those same youngsters.
We haven’t heard this before, apparently, because IRS data “don’t include information on age, race and education,” Cauchon said. While younger generations struggle with getting started, buying homes and paying off student loans, Social Security and Medicare face growing debts and continue to gobble up valuable income.