The typical U.S. household headed by a person age 65 or older has a net worth 47 times greater than a household headed by someone under 35, according to an analysis of census data released Monday.
While people typically accumulate assets as they age, this gap is now more than double what it was in 2005 and nearly five times the 10-to-1 disparity a quarter-century ago, after adjusting for inflation.
Samuel notes “the disproportionate sway exerted by older folks on politics”. But there’s more to life than five minutes in the voting booth every other November, and in the two years in between younger, fitter types enjoy certain advantages. As I wrote a couple of months back:
Taxing young people ever more onerously to prop up entitlements for older generations who enjoyed all the benefits of a prosperous America their grandchildren will never know is a great way to sever what little is left of the social compact. Think Wisconsin State Fair writ large: Mobs of the able-bodied preying on the more walker-intense quartiers of Florida. Seniors with terrific government checks but terrified to venture out for Parcheesi Night at the Lodge, because the parking lot isn’t as well lit as you might like. You better hope your gated community is seriously gated.