November 7, 2011
THE RICH WHITE TAX EATERS:
US wealth gap between young and old is widest ever (HOPE YEN, , Associated Press)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 wealth 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.
Which is why we need to raise retirement age, means test, and lift the income caps.
Posted by oj at November 7, 2011 8:56 AM
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