Youth Poverty At An All-Time High
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| Empty Pockets (Image by barbaranixon from Flickr) |
A new report from the Washington DC-based Urban Institute indicates that the overall percentage of wealth of those in their 20s and 30s has been dropping steadily and is now at its lowest level since records have been kept, the WSWS reports.
The study, “Lost Generation? Wealth Building Among Young Americans,” found that young people aged 29-37 saw a 21% decline in their accrued wealth over the past few decades, while those who are 74 and older saw their wealth increase by 150%. One explanation is that older Americans are more likely to have defined-benefit pensions, which have become