A new study finds that men in the 30s are making less than their fathers did. Since this age group is somewhat representative of what the generation is likely to earn for the rest of their lives. While the reasons for this have not been determined at this point, they will be studied later.
Using past Census Bureau data and adjusting for inflation, the study found that men in their 30s in 2004 had a median income of about $35,000 per year while the same age group in 1974 had an income of $40,000 per year. This is a 12% drop in income for the newer generation.
Since one of the pillars of “the American Dream” is the thought that kids will be better off than their parents, this assumption may need to be rethought for future generations.
Money Magazine also has an article on this study