Tuesday, March 28, 2006

Baby boomers have widest wealth gap
and highest poverty levels

Baby boomers -- heralded as the best educated, wealthiest and healthiest of any generation -- have added another superlative: the widest wealth gap.

The generation born from 1946 to 1964 has the greatest wage inequality and also the highest levels of poverty of any generation since the one born before World War I. One in 10 boomers born from 1956 to 1964 is living in poverty.

“The rich have gotten richer and for the middle class, income has mostly drifted downward,” says Angela O'Rand, co-author of the Duke University study. “The institutions that tended to be there if people hit a bump in the road are not as much.”

Erosion in employees' pension, health care benefits and Social Security, the privatization of public services and moving of welfare recipients to work contributed to this trend, hitting boomer men particularly hard.

Read more (in The Arizona Republic) here.

In Florida, income inequality is among the highest in the U.S. See previous post here.

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