Taking steps to reduce the debt could increase income per person by as much as $6,300 by 2050. Our generation is the most educated on record, with record levels of college graduates.
Meanwhile, today’s 25- to 38-year-olds hold fewer assets than people who were in that age group in the late 1980s and early 1990s – even as Americans overall have improved their standing relative to that time period.
In 1989, the median value of assets held by 25- to 38-year-old households was nearly $75,000 (in 2019 dollars) – a figure that rose to about $142,000 in 2007, amid the U.S. housing bubble. By 2019, however, median assets for 25-to-38-year-old households had plunged to only about $90,000.
One way to brighten the outlook: Address our national debt. Taking steps to reduce the debt could increase income per person by as much as $6,300 by 2050.”
What’s more, this income stagnation and decline in assets comes as the next generation faces ever-rising student debt loans.