Last year, workers between 25 and 34 years old had a median personal income of $35,000. In 1975, however, the same group earned $37,000 a year, when converted into modern dollars.
The Washington Post reports that the change is even worse for the typical young man, who earned $46,000 a year in 1975 and $40,000 in 2016.
Though more young people attend college today, Millennials have to deal with a well educated labor force. In the past, younger workers supplanted older workers that may have had little schooling.
While it was typical for older workers at that time not to have completed high school, a new generation — the baby boomers — had received what Americans now think of as a standard education, including a high-school diploma and increasingly a bachelor's degree.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
