Making less than dad did

 
Report reveals that American men in their 30s earn less than their
fathers did, as family income growth decelerates.
By David Ellis, CNNMoney.com staff writer
May 25 2007: 6:52 PM EDT

NEW YORK (CNNMoney.com) -- American men in their 30s are earning less
than their father's generation did, challenging a long-held belief that
each generation will be better off than the one that preceded it,
according to a new study published Friday.

The report, the first in an ongoing 18-month study on economic mobility
in the United States, also revealed that the income growth of the median
American household is declining.

...

Similarly, American families, which experienced a 32 percent increase in
income levels between 1964 and 1994, saw household income growth slow to
9 percent between 1974 and 2004, according to the report.

...

"The expectation that each generation will do better than their parents
has become a fundamental part of what we call 'The American Dream,'"
said Morton. "But this new analysis suggests this bedrock belief may be
shifting under our feet."

<http://money.cnn.com/2007/05/25/pf/mobility_study/index.htm?cnn=yes>

 
their

will be

Friday.

If dad was an engineer and junior becomes an engineer, then junior will
be earning as much or more than dad did. Likewise true for most high-end
jobs.

However if junior decides to party thru college rather than study, and
doesn't acquire marketable skills, then he won't be earning as much.

Likewise when millions of unskilled workers sneak across the border
the average US wage may go down, but junior migrant will still be earning
more than his poor papa did.

Don

 Don K wrote:


their

will be

Friday.

and that's he problem.  There were all sorts of jobs for chemists,  
engineers, etc in the 70-s- 90's.   Entry level chemist, engineering,
etc  jobs have become relatively scarce over the past 7 years.

Entry college job hiring was finally up somewhat this year after 6 years
of dismal prospects.



Of course most jobs being "created" in recent years have been in the
lower paying retail sectors.

 Don K wrote:

their

will be

Friday.

Yes, I'd guess this is largely due to the downfall of American
manufacturing.

 timeOday wrote:


and the wage stagnation / reduced medical/pension benefits of recent
years due to over supply through minimal business expansion / growth. .

When our sons graduated college several years ago, I was amazed not only
how low the starting salaries were, but also how low of salaries
experienced engineers were willing to take.