Every Age Group Is Getting Poorer In America, Except For OneSubmitted by bobbyw24 on Fri, 09/23/2011 - 06:17
Last week I updated my commentary on household income distribution to include the Census Bureau's release of the 2010 data. My focus was on arithmetic mean (average) household incomes by quintile (and the top 5%) over the 43-year history of this data series. The analysis offered some fascinating insights into U.S. household incomes.
But the classification misses the implications of age for income. Households are by no means locked into the same quintile over time. Young educated households with professional skills and aspirations will typically move into the higher earning brackets during their financial life cycles. Households dependent on income from unskilled labor and service employment will seldom see the same financial progress over the years.