Young Americans today are richer than ever before. According to a new report from the Treasury Department, people under 40 have seen their wealth skyrocket in recent years. But there’s a catch: despite this financial boom, many feel more economically vulnerable than ever. Why is this happening? Let’s break it down.
The Paradox of Wealth
In 2022, the median wealth for Americans aged 25 to 39 hit $80,500. That’s a huge jump from $23,750 in 2010, even after adjusting for inflation. On paper, younger generations are thriving financially. But that’s only part of the story.
Treasury Secretary Janet Yellen has pointed out a troubling contradiction. In a speech last October, she highlighted a growing “sense of alienation” and “deep dysfunction” in people’s lives. This unease is reflected in rising “deaths of despair,” a term coined by economists Anne Case and Angus Deaton to describe deaths from suicide, drug overdoses, and alcohol-related causes.
What’s Driving the Fragil...
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