About half of 30-year-olds won’t make as much money as their parents did at the same age, a new study has found.
That’s a substantial decline from nearly 50 years ago: While in 1970s, 92% of American 30-year-olds earned more than their parents did when they were young, that figure fell to 51% by 2014.
What’s more, even if President-elect Donald Trump fulfills his promises of rapid economic growth, the trend won’t be reversed significantly. Even if income levels grew 3.8%, the percentage of 30-year-olds who out-earn their parents would bump up to just 62%, the Wall Street Journal reports.
